Asheville – A new construction 9% housing tax credit development in Buncombe County has been granted to the Asheville Housing Authority (AHA) and Mountain Housing Opportunities, Inc.
The initial stage of the “Reimagining Deaverview” effort is a new rental complex that will comprise 82 units and be situated at 275 Deaverview Road, Asheville. On a total area of around 3.1 acres, the three buildings will have a mix of 1, 2, 3, and 4-bedroom units. Families earning 60% or less of the region’s median income will be able to rent the apartments.
Each year, only a certain amount of tax credits are given out across the entire state. AHA and MHO were successful in winning this year’s prize despite stiff competition. The project’s financial viability was greatly aided by the state tax credit and loan package that was revealed on October 4.
Asheville Housing Authority COO Tara Irby stated, “We are happy to see this vital project going forward.” We have been working closely with the residents and other stakeholders in the neighborhood for two years, and this is a terrific milestone to celebrate.
“The housing credits are the main source of funds for developing affordable housing in America and in North Carolina. “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.
It is anticipated that construction will start in the summer of 2023 and end in the fall of 2024. The North Carolina Finance Agency provided cash for 28 projects in 23 counties, totaling 1,716 affordable units, under the competitive housing tax credit program for the 2022 cycle.
MHO is a private, nonprofit organization dedicated to community development. The group was established by volunteers in 1988, and its first project was to fix the widow’s roof in Leicester, North Carolina. The Emergency Home Repair program of MHO, which currently fixes the homes of more than 100 low-income residents each year, started with that repair. MHO is now Western North Carolina’s largest and fastest-growing supplier of reasonably priced houses and repairs for a home’s safety.
More than 3,000 households in Asheville and Buncombe County are served by the Asheville Housing Authority, a public housing organization and the biggest supplier of affordable housing in Western North Carolina. The goal of Asheville Housing is to offer residents a safe, high-quality, and affordable place to live. It also aims to increase the number of services available and work with the neighborhood to provide chances for economic and self-reliant living.