Mountain Housing Opportunities awarded $1 million grant from Dogwood Health TrustMar 09, 2023 08:30AM ● By WNC Business
“Pentland Hills has direct access to a major thoroughfare, Leicester Highway, and is a short distance beyond the Asheville city limits,” said Scott Dedman, MHO’s Executive Director. “Residents will be close to shopping, schools, healthcare, and jobs. Shorter commutes will produce less overall economic stress on residents and less environmental impact. We will use local subcontractors and suppliers for all phases of development and construction, positively impacting our local economy.”
Our region is experiencing a significant affordable housing crisis. “Rising home prices can keep working individuals and families from homeownership opportunities and increase economic disparities. By providing homeownership opportunities to people earning 80% of the area’s median income (AMI) or less, MHO addresses the wealth gap that exists not just in the Asheville area but throughout our economy,” said Joe Quinlan, MHO’s Homeownership Manager. “Sixty-eight new homeownership units will be built at Pentland Hills, with at least two-thirds of the homes reserved for income-limited home buyers.”
“Safe and stable housing is a key component of overall health outcomes for individuals and families,” said Dr. Susan Mims, CEO of Dogwood Health Trust. “As a foundation focused on improving health and wellbeing, we are pleased to support MHO’s work to provide this affordable housing option to more of our WNC neighbors.”
MHO offers programs that help local people achieve their dream of owning a home. To participate, families or individuals must have lived in Western North Carolina for at least one year and meet income and other eligibility guidelines. Our Downpayment Assistance Program offers flexible loan funds that can fill gaps between a homebuyer’s first mortgage and the total cost of purchasing a home. These funds can be applied towards a down payment to cover closing costs or to increase overall purchasing power. MHO’s Self-Help Homeownership Program brings small cohorts of qualifying homebuyers together to work cooperatively to build their homes under the guidance of an MHO construction supervisor. Neighbors work alongside one another to build a community from the ground up. These homes are financed with low-interest USDA mortgages, which, along with the homeowners’ “sweat equity” construction hours, reduce the purchase cost of the homes. The program is labor-intensive but immensely rewarding, producing six to twelve new affordable homes yearly.
“Many people earning less than 80% of AMI simply cannot qualify for enough of a first mortgage to purchase even an entry-level home in this market, despite having one or more adults in the household working full-time jobs,” said Quinlan. “Part of MHO’s task is helping these families bridge that gap.”
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 1,800 households yearly in Western North Carolina through affordable rental homes, emergency home repair, construction and sale of new affordable homes, and down payment assistance. MHO’s mission is to build and improve homes, neighborhoods, communities, and lives, encouraging hope and dignity in the people we serve.
About Dogwood Health Trust:
Dogwood Health Trust is a private foundation based in Asheville, North Carolina with the sole purpose of dramatically improving the health and wellbeing of all people and communities of 18 counties and the Qualla Boundary in Western North Carolina. Dogwood Health Trust focuses on innovative and equitable ways to address the many factors that contribute to overall health and wellbeing. With a focus on housing, education, economic opportunity and health and wellness, Dogwood Health Trust works to create a Western North Carolina where every generation can live, learn, earn and thrive, with dignity and opportunity for all, no exceptions. To learn more, please visit DHT.org.