News

Housing agency wins grant for 132-unit affordable housing development

By Lightning Reports, Published: September 2, 2026

A proposed 132-unit affordable housing development on Dermid Avenue won a $2.9 million grant in federal post-Helene disaster recovery funding, Gov. Josh Stein and the N.C. Housing Finance Agency announced last week.

The Housing Assistance Corp. wants to build Meadowcrest, a multifamily development for affordable apartments on 10.5 acres off Duncan Hill Road behind Lowe's. The HAC first asked for rezoning to permit the development in March 2025.

City planners will host a neighborhood compatibility meeting on the request at 1 p.m. Wednesday, March 5, in the second floor meeting room of City Hall, 160 6th Avenue East.

Funding for the Hendersonville apartment building was among 10 projects in Western North Carolina awarded a total of more than $69 million to build 828 new rental units. The Community Development Block Grant Disaster Recovery funds are aimed at expanding the supply of affordable, resilient rental housing in Helene-impacted counties. The North Carolina Department of Commerce’s Division of Community Revitalization and the North Carolina Housing Finance Agency (NCHFA) announced the grant awards.  

“Getting families back into safe housing that they can afford is critical to the recovery from Hurricane Helene,” Stein said. “This program will ensure these 828 apartments remain financially accessible to people living in the 828 area code for the next 30 years.”

Award recipients will provide the multi-family rental units in Henderson, Buncombe, Transylvania, Ashe, Burke, Caldwell, Cleveland, Haywood, Rutherford and Watauga counties.