At a meeting on Tuesday, February 5, the Buncombe County Board of Commissioners approved a $2.2 million loan for East Haven, a 95-unit affordable apartment complex to be constructed on U.S. 70 in Swannanoa, just west of Riverwood Road. East Haven is a project of Mountain Housing Opportunities (MHO), a local nonprofit community development group.
The $16.8 million apartment complex received initial funding in the form of federal tax credits and other financing in 2017. The $2.2 million from Buncombe County was the last piece of funding needed before construction could begin. With the financial hurdles now cleared, MHO expects to break ground on East Haven this spring. Residents may be moving into their apartments as early as October 2020.
East Haven will help address a critical shortage of safe and affordable housing in our area. The apartment complex will offer 1, 2 and 3-bedroom units in a variety of floor plans. A landscaped interior courtyard will include a playground, picnic area and garden space. The complex will also have elevators, a community room, a computer center, laundry facilities, and a fitness room.
Rents are expected to be approximately $260 – $700 per month, depending on family size and income. East Haven will be open to residents whose annual household incomes are at, or below, 60 percent of the county’s median income.
MHO is committed to working with FANS and others in our community to maximize the benefits that East Haven will bring to the Swannanoa Valley, and to ensure that local residents have all the information they need in order to apply for housing. Applications are not being accepted yet, but we’ll provide updates as they become available.
For more information, visit www.mtnhousing.org.