From Mountain Housing Opportunities' press release:
The Asheville Housing Authority (AHA) and Mountain Housing Opportunities, Inc. (MHO) were awarded a new construction 9% housing tax credit development in Buncombe County.
The new rental development is the first phase of our “Reimagining Deaverview” initiative and will have 82 units located at 275 Deaverview Road, Asheville, NC 28806. The three buildings will have a mix of 1, 2, 3, and 4 bedroom units sited upon approximately 3.1 acres. The units will be rented to families making 60% and below the area median income.
A limited number of tax credits are awarded each year across the state. This year, AHA and MHO were successful in obtaining this competitive award. The state tax credit and loan package, announced October 4th, were key to making the project financially viable.
“We are excited to see this important project moving forward,” said Tara Irby, COO of Asheville Housing Authority, “We have been working closely with the residents and other stakeholders in the community for two years and this is a great milestone to celebrate.”
“The housing credits are the main source of funds for developing affordable housing in America and in NC. They are very competitive and difficult to win, so I want to thank NCHFA for making these available to help the people of Buncombe County,” said MHO’s Executive Director, Scott Dedman.
Construction is expected to begin Summer 2023 and will be completed in Fall 2024. In the 2022 cycle, the North Carolina Finance Agency awarded competitive housing tax credit funding to 28 developments in 23 counties, totaling 1,716 affordable apartments.