The renovation and new construction at Laurel Wood Apartments will double capacity to 105 affordable homes through a public-private partnership focused on health, stability, and recovery
ASHEVILLE, N.C. (September 15, 2025) – Today, community leaders, development partners, and housing advocates joined together for a hard-hat tour to commemorate construction now underway for the redevelopment and expansion of Laurel Wood Apartments, an affordable housing community for older adults.
This two-phase project led by Laurel Wood property owner Volunteers of America National Services (VOANS), combines the substantial rehabilitation of 51 apartments in a two-story building originally constructed in 1999, with the construction of a new three-story building adjacent to it with 54 additional apartments. Upon completion in late 2026, the community will double in size to include 105 affordable apartments for seniors.
Located on the bus line and within walking distance of a medical center, banks, a grocery store, and restaurants, Laurel Wood offers residents convenient access to everyday services. The community will feature outdoor and indoor living spaces, fitness and activity areas, a library and computer room, and a host of other amenities. An on-site management team, inclusive of a resident manager and service coordinator, will connect residents to health services, wellness programs, and social activities.
This project is especially significant as Asheville continues to recover one year after Hurricane Helene brought record rainfall and flooding that devastated homes, damaged infrastructure and displaced thousands of families. In a community already grappling with a severe housing affordability crisis, the storm further reduced availability, making safe, affordable homes for seniors more critical than ever.
During the tour, VOANS announced a coalition of public, private, and nonprofit partners who are investing $26.4 million to transform the 15-acre property into a modern, service-rich community for older adults that connects housing and health to improve outcomes for residents.
UnitedHealth Group, the largest long-term private investor, is providing $10.3 million in equity administered through a partnership with the National Affordable Housing Trust (NAHT). Major funding also includes $9.2 million in permanent loan financing from Boston Capital Finance, $2.3 million from VOANS, $1.5 million from the City of Asheville Housing Trust Fund, and $800,000 from Buncombe County Affordable Housing Services Program. Additional funding and resources are provided by federal, state, and local agencies, along with capital partners.
“Our company recognizes that access to safe, affordable housing has a strong correlation with improved health and quality of life for seniors,” said Wanda Coley, Chief Operating Officer, UnitedHealthcare of North Carolina, part of UnitedHealth Group, which has invested $22 million in the state since 2020 to help create and refurbish more than 700 affordable and mixed-income homes. The company also provided $1 million to support area disaster relief efforts. “In the aftermath of Hurricane Helene, these investments and support are helping fill the affordable housing gap in the region, while helping older adults live more comfortably, safely, and independently.”
Paul Cummings, Senior Vice President at NAHT added, “We’re proud to partner with VOANS and UnitedHealth Group on a community that blends preservation with new construction to meet real needs. These investments will have an important impact in the region for years to come.”
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About Volunteers of America National Services
Volunteers of America National Services (VOANS), a subsidiary of Volunteers of America, provides affordable housing and healthcare services in over 40 states and in Puerto Rico. The organization employs over 2,000 dedicated staff who provide high quality services and care to our clients. As one of the largest non-profit affordable housing owners/operators in the nation, the VOANS portfolio includes over 240 properties and 15,000 affordable housing units. VOANS also operates senior healthcare programs, including independent living, assisted living, memory care, short-term rehabilitation, skilled nursing care, home health care, and Programs for all Inclusive Care for the Elderly (PACE). Learn more at www.voans.org.
About UnitedHealth Group
UnitedHealth Group is a health care and well-being company with a mission to help people live healthier lives and help make the health system work better for everyone through two distinct and complementary businesses. Optum delivers care aided by technology and data, empowering people, partners and providers with the guidance and tools they need to achieve better health. UnitedHealthcare offers a full range of health benefits, enabling affordable coverage, simplifying the health care experience and delivering access to high-quality care. Visit UnitedHealth Group at www.unitedhealthgroup.com and follow UnitedHealth Group on LinkedIn.
About National Affordable Housing Trust
National Affordable Housing Trust (NAHT) is a nonprofit low-income housing tax credit (LIHTC) syndicator, specialized financial intermediary and development advisory firm. As a mission-first syndicator with a commitment to racial equity and inclusion, NAHT strategically partners with developers and investors to create and preserve affordable, quality rental homes that promote thriving and resilient communities. NAHT is a joint venture of LIIF (Low Income Investment Fund) and SAHF (Stewards of Affordable Housing for the Future).
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