July 23, 2019Asheville City Council
From the minutes, not yet reviewedWhat it does
Approves the request by Workforce Homestead, Inc. to borrow an additional $600,000 from the Housing Trust Fund, for a total loan amount…
- Passed. Everyone present voted yes.
- Who it's for: Households earning 30% to 60% of the area median income: $30,720 to $61,440 a year for a family of four (HUD's 2026 income limits for tax-credit housing in the Asheville area).
- What the minutes say it will do: “The project as proposed will contain fourteen (14) 1br, thirty-five (35) 2br, and twenty-one (21) 3br apartments all set aside for households making at or below 60% of Area Median Income (AMI).”
- The money, in the minutes' words: “An additional amount of $600,000 will be drawn from the City’s Housing Trust Fund.”
More from the minutes
- “. FOR THE AMARANTH APARTMENTS PROJECT Community Development Program Director Paul D’Angelo said that this is the consideration of a resolution to approve a Housing Trust Fund loan modification with Workforce Homestead Inc. for an increase in funds for the Amaranth Apartments Project.”
- “This includes eighteen (18) apartments specifically set aside for households at or below 30% AMI.”
- “Quality Affordable Housing”
Official title: Council approved the request by Workforce Homestead, Inc. to borrow an additional $600,000 from the Housing Trust Fund, for a total loan amount of $1,200,000
Carried unanimously
From the minutes: This motion was seconded by Councilman Young and carried unanimously.
Read the motion as recorded
“Councilwoman Smith moved to approve the request by Workforce Homestead, Inc. to borrow an additional $600,000 from the Housing Trust Fund, for a total loan amount of $1,200,000.”
Open the minutesMotion text in the minutes