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MHO’s Pipeline Update: July 2023

Jul 19, 2023 | News

The need for affordable housing in western North Carolina has never been greater. Mountain Housing Opportunities is working to meet this need through development of both new affordable rental communities and new affordable homes for sale.  

Mountain Housing Opportunities has 346 affordable apartments in development across four sites: 

  • 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. 
  • 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% Low Income Housing Tax Credit (LIHTC) award in late 2022. 
  • Reimagining Deaverview Phase 1, West Asheville: In partnership with the Asheville Housing Authority (AHA), MHO plans to create 82 new apartments located in the three new buildings that will have a mix of 1, 2, 3, and 4-bedroom units. One building will also be home to a new Community Room for the Deaverview Community and will feature amenities like meeting space and a fitness center. The apartments will be rented to families making 60% and below the area median income (AMI). This development was awarded a highly competitive 9% Low Income Housing Tax Credit (LIHTC) in late 2022.  
  • 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 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.  

MHO has over 80 new affordable homes in development across 3 communities in Buncombe County: 

  • Cherry Blossom Cove, Swannanoa: MHO is in the process of completing construction and sale of 12 new townhomes in the Cherry Blossom Cove subdivision located in Swannanoa. Two-thirds of these homes were developed for homebuyers who earned less than 80% AMI.  
  • 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. Six homes were completed this Spring and construction will begin on the next six in Fall 2023. Read more about some of Spring Garden’s new residents here. 
  • Pentland Hills, Leicester: Pentland Hills, a new subdivision in Northwest Buncombe County, will feature 68 two- to three-bedroom single-family homes and duplexes with at least two-thirds of the homes reserved for income-limited home buyers. The first homes are expected to be available in late 2024 to 2025. Once complete, the new community could be home to nearly 300 residents. 
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