May 26, 2020Asheville City Council
From the minutes, not yet reviewedWhat it does
Approves the request by Beaucatcher Vista LLC to borrow funds from the Housing Trust Fund.
- Passed. Everyone present voted yes.
- Who it's for: Households earning 60% to 80% of the area median income: $61,440 to $81,920 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 loan will be structured to require full repayment of principal and interest (accruing at 2% annually) over a term of 20-years.”
More from the minutes
- “The Collier Development, while not required, offers no parking for its residents and can add to the individual or family transportation costs.”
- “Kirk Booth d/b/a as Beaucatcher Vista LLC has proposed the development of a 40-unit, 100% affordable multifamily property on a 1.31 acre parcel located at 2 Restaurant Court (PIN #9658-08-2350) in Asheville directly off of Tunnel Road.”
- “All 40 units are intended to be 1 bedrooms, with 30 of the units set aside for households at or below 60% of Area Median Income (AMI) and the remaining 10 for 80% AMI households.”
Official title: Council approved the request by Beaucatcher Vista LLC to borrow funds from the Housing Trust Fund
Carried unanimously
From the minutes: This motion was seconded by Councilman Young and carried unanimously by roll call vote.
Read the motion as recorded
“Councilwoman Mayfield moved to approve the request by Beaucatcher Vista LLC to borrow funds from the Housing Trust Fund.”
Open the minutesMotion text in the minutes