Mountain Housing Opportunities Announces a New 60-Unit Affordable Housing Development
Asheville nonprofit developer secured the financing for Star Point on February 28, 2025.
The planned 60-unit affordable housing community off Tunnel Road in Asheville will be built on a 1.3-acre site on Restaurant Court, just behind the Mountaineer Inn.
Star Point will provide housing for renters earning up to 60% of the area’s median income, offering a mix of efficiency, one-bedroom, and two-bedroom apartments.
In the Asheville region, access to safe, stable, and affordable housing remains a critical challenge and a top priority—particularly as recovery efforts from Hurricane Helene continue. MHO aims for developments like Star Point to help close the housing gap. Additionally, MHO will reserve 12 units at Star Point for young adults aging out of foster care, a group particularly vulnerable to housing instability and homelessness.
“Young adults aging out of foster care face immense challenges, with housing instability and homelessness among the most pressing,” said Charlie Owen, MHO Board Chair. “By dedicating 12 units to these individuals, we are providing not just a place to live, but a foundation for stability, growth, and opportunity in our community.”
Star Point received a 9% Low Income Housing Tax Credit Award in mid-2023 and approximately $16 million in commitments during 2024. The project’s financing partners include First Citizens Bank, RBC Bank, Dogwood Health Trust, NeighborWorks America, the North Carolina Housing Finance Agency, the City of Asheville, and Buncombe County. O’Brien Architecture is the project’s architect, Civil Design Concepts the civil design partner, and WEAVERCOOKE serves as the construction partner and general contractor.
Greg Burnette, Area Executive at First Citizens Bank, said, “Given all that has occurred in our region over the last several months, the need for safe, affordable housing is now greater than ever. It is a privilege to come alongside a proven organization like MHO to bring these additional units online. This fits perfectly with our vision of building lasting financial security that grows with the greatest ambitions of our clients, colleagues, and communities.”
Construction is set to begin immediately. Star Point is tentatively slated to open in the spring of 2026. Interested tenants are encouraged to contact Partnership Property Management at (828) 575-2323 for waitlist information.
A groundbreaking ceremony is scheduled for Wednesday, April 23, 2025. Please contact Allison Rollison at [email protected] if you would like to attend.
About Mountain Housing Opportunities
Founded in 1988 by volunteers, Mountain Housing Opportunities is the regional nonprofit leader in developing and preserving safe, stable, and affordable housing in Buncombe County and beyond. MHO serves more than 2,000 households each year in WNC through affordable rental homes, essential home repair, the construction and sale of new affordable homes, and down payment assistance. MHO’s mission is to build and improve homes, neighborhoods, communities, and lives and build hope and dignity in the people we serve. MHO operates as a Community Housing Development Organization and Community Development Financial Institution.
Learn more at mtnhousing.org.
