The 54-hole competition runs through Saturday at the Course at Yale.
Florida's Camilo Vilegas is one shot back. Georgia's Richard Scott and Duke's Nathan Smith were the only other two golfers to break par at 1-under.
'It went well,' said Haas, son of PGA Tour player Jay Haas. 'This is a tough test. It felt like a major out there, like a U.S. Open, with the way the wind was blowing and the greens were playing.'
Haas won this year's Ben Hogan Award as the NCAA player of the year.
Fahey had six birdies, including three on the first three holes.
Top-ranked Florida leads the team competition with a 6-over-par 286, followed by Georgia (+7), Clemson (+8) and Georgia State (+8).
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