Skip to main content

WNC Business

North Carolina Finance Agency Awarded Housing Tax Credit Funding to Buncombe County Development

Nov 04, 2022 08:51AM ● By WNC Business
The Asheville Housing Authority and Mountain Housing Opportunities, Inc. were awarded a new construction 9 percent housing tax credit development in Buncombe County.

The new rental development is the first phase of the “Reimagining Deaverview” initiative and will have 82 units located at 275 Deaverview Road, Asheville, NC 28806. The three buildings will have a mix of one, two, three, and four bedroom units sited upon approximately 3.1 acres. The units will be rented to families making 60 percent and below the area median income.

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.

Source: Asheville Area Chamber of Commerce