MHO ANNOUNCES FINANCIAL CLOSE FOR LAKESHORE VILLAS – A NEW 120-UNIT AFFORDABLE MULTI-FAMILY DEVELOPMENT IN SOUTH ASHEVILLE
On Thursday, September 26, 2024, Mountain Housing Opportunities (MHO) finalized the financing for Lakeshore Villas, a 120-unit affordable housing community in Arden, North Carolina. This represents a major milestone for the development, which will be constructed on a seven-acre site near Lake Julian, at the intersection of Heywood and Hendersonville Roads, providing housing for families in the South Asheville area. Lakeshore Villas will feature 35 one-bedroom, 64 two-bedroom, and 21 three-bedroom units across three separate buildings. This new affordable community serves individuals and families earning up to 60% of the Area Median Income (AMI).
The need for affordable housing has never been greater since our communities were devastated by historic flooding brought on by Hurricane Helene. Even before the floods, accessing safe, stable, and affordable housing was one of the greatest challenges in the Asheville region, and it remains the most pressing issue as recovery efforts continue. MHO hopes that this new development will help rebuild hope for those seeking affordable housing.
“Fortunately, we were able to close on Lakeshore before Hurricane Helene brought devastation to our communities,” said Charlie Owen, Board Chair of Mountain Housing Opportunities. “We now see the Lakeshore development is more crucial than ever in supporting housing stabilization in the region and restoring hope for our communities.”
Lakeshore Villas received a 4% Low Income Housing Tax Credit Award in 2022, and in 2024 received $2,665,229 in grant funding and an $8.6 million below-market mezzanine loan from the Dogwood Health Trust. The project’s financing partners include First Citizens Bank, CAHEC, the North Carolina Finance Agency, Buncombe County, and the Asheville Regional Housing Consortium. Housing Studio serves as the architect, WeaverCooke serves as the construction partner and general contractor, and Civil Design Concepts serves as the civil engineering partner for this development.
“Having more affordable housing in WNC is essential for overall community health and well-being,” said Sarah Grymes, Vice President of Housing at Dogwood Health Trust. “As this project begins, we celebrate the intentionality and collaboration among so many community partners and acknowledge the role it will play in the area’s long-term recovery from Helene.”
Construction is slated to begin as soon as possible but may be delayed due to the region’s recovery efforts. Lakeshore Villas is tentatively slated to open in the winter of 2026. Interested tenants are encouraged to contact Partnership Property Management at 828-575-2323 for waitlist information. A commemorative groundbreaking will occur on November 18 at 11 a.m. at the Lakeshore Villas development site. Please contact Allison Rollison at allison@mtnhousing.org if you would like to attend.