x

STAY INFORMED

Sign up for our newsletter to learn about new developments, upcoming events, and opportunities to support your neighbors.

MHO’S PIPELINE UPDATE: MAY 2024

May 29, 2024 | 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 new affordable rental communities and new affordable homes for sale as well as preservation of existing affordable rental communities.

Mountain Housing Opportunities has 264 new affordable apartments across three sites and 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.
  • 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 be able to start 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.
  • Affordable Housing Preservation, Buncombe County: In 2024, 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 80 new affordable homes in development across 3 communities in Buncombe County:

  • Cherry Blossom Cove, Swannanoa: MHO just sold the last 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 in Spring 2023 and construction is well underway on the next six. 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 69 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 2025. Once complete, the new community could be home to nearly 300 residents.

 

Skip to content