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BY THE RECORDASHEVILLE

April 25, 2023Approved minutes

Asheville City Council

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Key decisions

April 25, 2023Asheville City Council

What it does

Allocates $4.39M from the Housing Trust Fund to four projects.

  • Passed. Everyone present voted yes.
  • Why it matters: This set the city's housing dollars for one funding round: four projects, 239 planned income-restricted homes. Approval is not delivery: two of the four awards were later taken back, Deaverview's grant in 2024 and Stewart Street's loan in 2026.

Official title: Allocate $4.39M from the Housing Trust Fund to four projects

Carried unanimously

From the minutes: This motion was seconded by Vice-Mayor Kilgore and carried unanimously.

Moved byS. Antanette Mosley
What was voted on

approve $4,387,850 in Housing Trust Fund allocations for four development projects expected to produce 239 income-restricted homes, with Reimagining Deaverview structured as a grant rather than a loan, and continue negotiations for Oak Hill Cottages. Motion by Councilwoman Mosley, seconded by then-Vice-Mayor Kilgore.

Open the minutesResolution No. 23-92

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On the record

The four funded projects and the one left in negotiation

Redwood Commons (70 units, $1.8M), Reimagining Deaverview (82 units, $2.5M grant), Fairhaven Summit (77 units, $500K), and Stewart Street Cottages (10 units, $1.05M) were funded. Oak Hill Cottages (42 units) was left in negotiation.