MHO ANNOUNCES FINANCIAL CLOSE FOR STAR POINT—A NEW 60-UNIT AFFORDABLE MULTI-FAMILY DEVELOPMENT OFF TUNNEL ROAD IN ASHEVILLE
On Friday, February 28th, 2025, Mountain Housing Opportunities (MHO) secured the financing for Star Point, a 60-unit affordable housing community located off Tunnel Road in Asheville, North Carolina. This marks a significant milestone for the development, which will be built on a 1.3-acre site on Restaurant Court, just behind the Mountaineer Inn. Star Point will provide housing for renters earning up to 60% of the area’s median income, offering a mix of efficiency, one-bedroom, and two-bedroom apartments.
In the Asheville region, access to safe, stable, and affordable housing remains a critical challenge and a top priority—particularly as recovery efforts from Hurricane Helene continue. MHO aims for developments like Star Point to help close the housing gap. Additionally, MHO will reserve 12 units at Star Point for young adults aging out of foster care, a group particularly vulnerable to housing instability and homelessness.
“Young adults aging out of foster care face immense challenges, with housing instability and homelessness among the most pressing,” said Charlie Owen, MHO Board Chair. “By dedicating 12 units to these individuals, we are providing not just a place to live, but a foundation for stability, growth, and opportunity in our community.”
Star Point received a 9% Low Income Housing Tax Credit Award in mid-2023 and approximately $16 million in commitments during 2024. The project’s financing partners include First Citizens Bank, RBC Bank, Dogwood Health Trust, NeighborWorks America, the North Carolina Housing Finance Agency, the City of Asheville, and Buncombe County. O’Brien Architecture is the project’s architect, Civil Design Concepts is the civil design partner, and WEAVERCOOKE serves as the construction partner and general contractor.
“First Citizens Bank is proud to continue fostering our relationship with Mountain Housing Opportunities with the development of Star Point,” said Greg Burnette, Area Executive at First Citizens Bank. “Given all that has occurred in our region over the last several months, the need for safe, affordable housing is now greater than ever. It is a privilege to come alongside a proven organization like MHO to bring these additional units online. This fits perfectly with our vision of building lasting financial security that grows with the greatest ambitions of our clients, colleagues, and communities.”
Construction is set to begin immediately. Star Point is tentatively slated to open in the spring of 2026. Interested tenants are encouraged to contact Partnership Property Management at 828-575-2323 for waitlist information. A groundbreaking ceremony is scheduled for Wednesday, April 23rd. Please contact Allison Rollison at allison@mtnhousing.org if you would like to attend.