The need for affordable housing in western North Carolina has never been greater. MHO is working to meet this need through the development of new affordable rental communities and new affordable homes for sale, including the preservation of existing affordable rental communities.
Mountain Housing Opportunities has over 600 new affordable apartments across five sites and the preservation of 360 existing affordable apartments on eight sites in development:
- Lakeshore Villas, Arden: Located in the fast-growing area of South Buncombe County, Lakeshore Villas will create 120 new apartments across three new buildings on a 7-acre site near Lake Julian, at the corner of Heywood and Hendersonville roads. This community will feature 1, 2, and 3-bedroom units. Lakeshore will utilize a 4% LIHTC award as well as significant gap funding from Buncombe County and will serve renters who are earning from below 30% AMI to 60% AMI. Under Construction with 4th Q 2026 targeted completion.
- Star Point, East Asheville: Located just off Tunnel Road, Star Point is a 60-unit development planned on a 1.3-acre site on Restaurant Court, right behind the Mountaineer Inn. This community will serve renters earning from below 30% to 60% of the area median income and will feature a mix of efficiency, 1-, and 2-bedroom apartments. 12 units will be set aside to serve young adults aging out of foster care. Youth aging out of foster care are particularly vulnerable to housing instability and homelessness. Star Point was awarded a highly competitive 9% LIHTC award in mid-2023. Under Construction with 2nd Q 2026 targeted completion.
- Balsam Edge, Waynesville: Located near downtown Waynesville in Haywood County, Balsam Edge will be home to 84 new apartments on a 5-acre site on Howell Mill Road. This highly walkable, amenity-rich location will feature 1, 2, and 3-bedroom units and will serve renters who earn from below 40% to 60% AMI. Balsam Edge received a highly competitive 9% LIHTC award in late 2022 and will be pursuing gap funding in 2025 to start construction. Financial Close anticipated 3rd Q 2025.
- Ferry Road Site, Asheville/Bent Creek: Located near Bent Creek outside Asheville, the Ferry Road development is a 645-unit mixed-use community led by Urban Atlantic, with Mountain Housing Opportunities developing 270 affordable homes for households earning 80% of the area median income (AMI) or below. Of these, 108 units are proposed at below 60% AMI and 54 units at below 30% AMI, providing deeper affordability. The 137-acre site will also include trails and a daycare center, creating a vibrant, family-friendly neighborhood. Financial Close anticipated 1st Q 2027
- Erwin Site, Asheville: Located off New Leicester Highway near Mt. Carmel Road in Asheville, the Erwin site will provide 159 affordable homes for residents earning between 30% and 60% of the area median income. MHO plans to finance the development using a 4% LIHTC award along with additional funding sources. Financial Close anticipated 4th Q 2026
- Affordable Housing Preservation, Buncombe County: In 2025 and 2026, MHO plans to seek funding to assist in the preservation of 360 units of existing affordable housing on eight sites across Buncombe County: Compton Place, Crowell Park, Griffin, Glen Rock, Northpoint Commons I & II, River Glen, and Wind Ridge. This activity will primarily be financed by 4% LIHTC for rehab, with gap funding needed to be able to start rehab construction activities.
MHO has over 120 new affordable homes in development across 3 communities in Buncombe County:
- Spring Garden, Enka-Candler: Spring Garden is home to 12 single-family homes built as a part of MHO’s Self-Help Homeownership program. Hear more about some of Spring Garden’s new residents here. Completed Q3 2025.
- Starlight Cove, Black Mountain: Starlight Cove is an 8+ acre site close to exit 66 on I-40 and within a 5-minute drive to downtown Black Mountain, with 50-60 new affordable single-family homes planned. Read more about our newest homeownership project here. Under Construction: Phase 1.
- Pentland Hills, Leicester: Pentland Hills, a new subdivision planned for Northwest Buncombe County, will feature 67 two- to three-bedroom single-family homes and duplexes, with at least two-thirds of the homes reserved for income-limited home buyers. Once complete, the new community could be home to nearly 300 residents.