December 12, 2023Asheville City Council
From the minutes, not yet reviewedWhat it does
Approves Commonwealth Development’s request for an additional $475,000 in funds, for a total Housing Trust Fund loan of $975,000, to construct 77 new…
- Passed. Everyone present voted yes.
- Who it's for: Households earning 30% to 80% of the area median income: $30,720 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: “This funding will support the construction of 77 affordable apartments for families with an affordability period of 30 years.”
- The money, in the minutes' words: “HOME funds were approved in 2022 to support Fair Haven Summit totaling $400,000.”
More from the minutes
- “This project aligns with the City of Asheville’s Consolidated Plan goals of prioritizing rental housing affordable to 60% AMI and below.”
- “Construction of 77 new affordable units for a range of incomes - 30% AMI to 80% AMI.”
- “Twenty units will be set aside for project-based vouchers and eleven (11) units will utilize the KEY program for low-income residents with disabilities who are in need of supportive services.”
Official title: Council approved Commonwealth Development’s request for an additional $475,000 in funds, for a total Housing Trust Fund loan of $975,000, to construct 77 new affordable apartments, with the amendment “acknowledging that the total amount can be reduced to a total loan amount of $875,000 if the US Treasury 10-Year Yield is below its current 4.9% rate at the time of rate lock
Carried unanimously
From the minutes: This motion was seconded by Councilwoman Roney and carried unanimously.
Read the motion as recorded
“Councilwoman Turner moved to approve Commonwealth Development’s request for an additional $475,000 in funds, for a total Housing Trust Fund loan of $975,000, to construct 77 new affordable apartments, with the amendment “acknowledging that the total amount can be reduced to a total loan amount of $875,000 if the US Treasury 10-Year Yield is below its current 4.9% rate at the time of rate lock.”
Open the minutesMotion text in the minutes