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 a pipeline of over 900 new affordable apartments across nine sites and the preservation of 360 existing affordable apartments on eight sites in development or pre-development.
Recently Completed:
- 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. Building 1 completed and leasing, Building 2 & 3 targeted for completion in July 2026.
- Star Point, East Asheville: Located just off Tunnel Road, Star Point is a 60-unit development 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 2023. Completed and now leasing in June 2026.
Under Development or Pre-development:
- 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 funding was secured in 2025. Under Construction with estimated completion in early 2027.
- Erwin Site, Asheville: Located off New Leicester Highway near Mt. Carmel Road in Asheville, the Erwin site in partnership with Middleburg Communities will provide 120 affordable homes for residents at 60% of the area median income. MHO plans to finance the development using a 4% LIHTC award along with additional funding sources. Currently in pre-development.
- 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 MHO 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. Currently in pre-development.
- Terrace at River Hills, East Asheville: Located off River Hills Road near S. Tunnel Road, this development is a joint venture with South Creek Development. This East Asheville development will offer 126 family housing units for households earning between 20% and 80% of the area median income, just a short distance from the amenity–rich area of Tunnel Road and the Asheville Mall. MHO plans to finance the development using a 4% LIHTC award and was recently awarded $9.5 million from the City of Asheville CDBG-DR Multi-Family Housing Construction Program. Currently in pre-development.
- Crescent Place Apartments, Arden / Hebron Place, Hildebran: MHO has been asked to be a joint venture partner with Lutheran Services Carolinas on two 9% tax credit developments in Arden (Buncombe County) and Hildebran (Burke County). The site in Arden, right off Hendersonville Rd., is proposing 60 units for seniors, and the site in downtown Hildebran is proposing 48 units for seniors. Preapplications were submitted in January for both sites, then a full application for Arden was submitted in May. The feasibility of the Burke site getting through zoning and entitlement is still being evaluated, which will put that site in a timeframe somewhat behind the Arden site. Currently in pre-development.
- The Collective at Fairview, Rutherfordton: MHO is partnering with the Town of Rutherfordton on an affordable housing site. The Town of Rutherfordton would like to utilize their site for a 9% tax credit 38 unit family development. Both the pre and full tax credit applications were submitted in 2026, and we are evaluating submitting this site for State CDBG-DR funding, should tax credits not materialize this year. Currently in pre-development.
- Affordable Housing Preservation, Buncombe County: In 2027, 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 2 communities in Buncombe County:
- 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 60 new affordable single-family homes planned. Read more about our newest homeownership project here. Phase 1 – 20 homes are currently under construction.
- 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. In pre-development.