October 26, 2021Asheville City Council
From the minutes, not yet reviewedWhat it does
Approves the Mountain Housing Opportunities (MHO) request to extend the maturity date of Housing Trust Fund Loan 2001-02 (Compton Place) from December 7…
- Passed. Everyone present voted yes.
- Who it's for: Households earning up to 60% of the area median income: up to $61,440 a year for a family of four, or $43,020 for one person (HUD's 2026 income limits for tax-credit housing in the Asheville area).
- What the minutes say it will do: “This loan was made utilizing the Housing Trust Fund.”
- The money, in the minutes' words: “MHO received a HTF loan in the amount of $140,000 in December 2001 for Compton Place to construct 40 affordable rental units for low-income senior citizens on Eliada Home Road.”
More from the minutes
- “The project serves seniors who are 55+ and who earn 50-60% of the Area Median Income (AMI).”
- “Community and Economic Development (CED) attempts to work with our development partners who wish to extend their affordability periods, add additional affordable units, improve cash flow for reserves, etc.”
- “By approving MHO’s request, affordable units are preserved for an additional 10 years while also providing MHO with the opportunity to complete moderate rehabilitation of the property.”
Official title: Council approved the Mountain Housing Opportunities (MHO) request to extend the maturity date of Housing Trust Fund Loan 2001-02 (Compton Place) from December 7, 2021 to December 7, 2031, reduce the interest rate from 2.25% to 0.00%, and modify the loan payments to annual principal only payments of $3,962 with a balloon payment of $100,380
Carried unanimously
From the minutes: This motion was seconded by Councilwoman Kilgore and carried unanimously by roll call vote.
Read the motion as recorded
“Councilwoman Mosley moved to approve the Mountain Housing Opportunities (MHO) request to extend the maturity date of Housing Trust Fund Loan 2001-02 (Compton Place) from December 7, 2021 to December 7, 2031, reduce the interest rate from 2.25% to 0.00%, and modify the loan payments to annual principal only payments of $3,962 with a balloon payment of $100,380.”
Open the minutesMotion text in the minutes