News

Apple Ridge wins OK for tax credit financing

By Lightning Reports, Published: August 26, 2023

An affordable housing development of 60 apartments on Sugarloaf Road has been awarded Low Income Housing Tax Credits through the North Carolina Housing Finance Agency, the Housing Assistance Corp. announced Friday.

The Apple Ridge development will target families making 30-60 percent of the area's median household income to rent one- to three-bedroom units. Housing Assistance Corp. anticipates breaking ground in February 2024, and anticipates construction completion by summer 2025.

Apple Ridge is the second Hendersonville development to win Low Income Housing Tax Credits from the state agency. Hawkins Pointe, a 43-unit three-story senior housing building on Sixth Avenue West at North Oak Street, edged Apple Ridge and another applicant — which sought approval to build a 78-unit senior housing development at 2620 Chimney Rock Road — to win the tax credit status. The Apple Ridge project received a boost when the Hendersonville City Council and Henderson County Board of Commissioners voted to underwrite the cost of extending utility lines to the development.