ION’s End-to-End Water Management helped Harmony Housing increase debt sizing by $1.2M

Overview

Harmony Housing has partnered with ION Water since 2024, with ION’s End-to-End Water Management System currently deployed across 567 units in six properties.

For a new 196-unit development in New Bern, NC, Harmony faced a $1.8M funding gap that kept the project at a standstill.

Harmony Housing’s key challenges at New Bern Crossing

• Initial proforma projected $178K in annual water and sewer costs, based on estimates from a state agency approved utility analyst using the HUD Utility Schedule Model, which relies on comparable affordable housing expense data

Solution

• ION developed a water and sewer proforma based on proven affordable housing performance using its End-to-End Water Management System
• ION’s performance comparables demonstrated the ability to maintain consumption below 45 gallons per bedroom per day (GBD), a 50%+ reduction versus industry average
• This supported over $82K in additional projected NOI compared to the original utility allowance
• Enabled Regions Bank to increase debt capacity by $1.2M

Results

• ION’s proven water management outcomes helped close the funding gap, unlock additional financing, and ensure long-term water efficiency