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 264 new affordable apartments across three sites and the preservation of 300 existing affordable apartments on seven 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.
- 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. Financial close anticipated 1st Q 2025.
- 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 2024 to start construction. Financial Close anticipated 2nd Q 2025.
- Affordable Housing Preservation, Buncombe County: In 2025, MHO plans to seek funding to assist in the preservation of 300 units of existing affordable housing on seven sites across Buncombe County: Compton Place, Crowell Park, Griffin, 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 will be home to 12 single-family homes built as a part of MHO’s Self-Help Homeownership program. Read more about some of Spring Garden’s new residents here. Completion expected 2nd Q 2025.
- Pentland Hills, Leicester: Pentland Hills, a new subdivision in Northwest Buncombe County, will feature 69 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.
- Black Mountain: In December 2024, MHO closed on an 8+ acre site close to exit 66 on I-40 and within a 5-minute drive to downtown Black Mountain. 50-60 new affordable single-family homes are planned.