MHO Receives $2.5 Million Investment from First Citizens Bank for Affordable Rental and Homeownership Developments - TribPapers

MHO Receives $2.5 Million Investment from First Citizens Bank for Affordable Rental and Homeownership Developments

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Asheville – Mountain Housing Opportunities (MHO) has received a significant capital investment of $2.5 million from First Citizens Bank. The investment, provided in the form of an Equity Equivalent Investment (EQ2), will enable MHO to finance its active development projects and acquire land for new affordable rental and homeownership developments.

“First Citizens Bank is delivering on their commitment to empower low-income and marginalized communities through lending, investment, and philanthropy,” said Geoffrey Barton, President and CEO of Mountain Housing Opportunities. “This investment demonstrates the type of strong collaboration our region needs to scale our ability to address our housing affordability crisis. We hope that investments like this signal to other potential funders that MHO is an organization of choice for social benefit investments and we intend to leverage this EQ2 for exponential impact.”

“The important contributions to Mountain Housing Opportunities provide quality, affordable housing for low- to moderate-income families in need,” said Greg Burnette, Area Executive of Western North Carolina at First Citizens Bank. “First Citizens is proud to support the influential efforts of MHO and commit to the improvement of the communities and neighborhoods we both serve.”

The demand for affordable housing in western North Carolina has never been higher, while the costs of construction continue to rise. Additionally, MHO relies on various financing tools and partnerships to develop and maintain housing for individuals and families with low to moderate incomes. In addition to the recent EQ2 investment, First Citizens Bank has also provided financing commitments for several affordable housing developments.

MHO’s EQ2 investment is part of First Citizen’s 5-year $16 billion Community Benefits Plan, which aims to reinvest in low- and moderate-income (LMI) communities and communities of color. The plan includes allocations for community development lending and investments, mortgage lending, small business lending, and philanthropic giving. MHO extends its gratitude to the teams at First Citizens Bank and Silicon Valley Bank for their partnership and expertise in executing this investment.

Founded in 1988, Mountain Housing Opportunities is a regional nonprofit organization that focuses on developing and preserving safe, stable, and affordable housing in Buncombe County and beyond. Through various programs, MHO assists over 2,500 households annually in western North Carolina. Its mission is to build and improve homes, neighborhoods, communities, and lives while fostering hope and dignity. MHO operates as a CHDO and CDFI. Learn more at