Mountain Housing Opportunities is excited to announce a $3.5 million grant awarded by the Haywood County Board of Commissioners to develop MHO’s new 84-apartment complex located on a 5-acre site at Howell Mill Road behind Ingles.
This funding, provided by the U.S. Department of Housing and Urban Development through the North Carolina Office of Recovery and Resiliency (NCORR) is part of the Tropical Storm Fred relief efforts from 2021 to help create new affordable housing in Haywood County. Balsam Edge will feature 1, 2, and 3-bedroom units serving renters who earn from below 40% to 60% AMI in a walkable and amenity-heavy area.
The need for affordable housing in western North Carolina is only growing while the cost of building continues to rise. MHO, like all non-profit affordable housing developers, relies on a wide variety of financing tools and partnerships across the public and private sectors to build and maintain housing that serves low to moderate-income individuals and families.
“Many across the nation have felt the impact of rising construction costs and high interest rates, which directly affect affordable housing,” said Geoffrey Barton, President & CEO of Mountain Housing Opportunities. “This grant is essential in moving the project forward by helping to eliminate funding gaps that often hinder development. We are grateful for Haywood County’s award and commitment to affordable housing.”
“The North Carolina Office of Recovery and Resiliency’s Community Development Office is delighted to partner with Haywood County in support of funding safe, affordable housing for families that were impacted by Tropical Storm Fred. The state and federal government recognized the needs of this community, and allocated $10 million in HUD funding for long-term recovery activities like replacing lost housing due to the 2021 storm.” -NCORR Community Development Office.
History of the Balsam Edge development included the project clearing the Waynesville zoning and site permitting process in March 2021. MHO then received over $9 million in affordable housing tax credits and a loan of $1.45 million from the N.C. Finance Agency in October 2022 based on its first project in Haywood. The Town of Waynesville provided the equivalent of $170,000 in incentives, and a Dogwood Health Trust grant for $855,000 substantially assisted with the project. MHO gratefully appreciates all partners who make development like this possible.
The next steps are to complete the final architect review and get plans advanced to submit for building permits, with more requirements to follow for federal funding. MHO hopes to break ground sometime during the first quarter of 2025.
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