April 28, 2026Asheville City Council
What it does
Approves financing step for 126 affordable homes on Pine Lane.
- Passed with the routine items, in one vote, without discussion.
- 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).
- Why it matters: This gave the federal tax-law public approval for $18.02M in housing-authority revenue bonds behind 126 income-restricted rental homes with a 30-year affordability period.
Official title: Approve financing step for 126 affordable homes on Pine Lane
Carried unanimously, as part of the consent agenda
From the minutes: This motion was seconded by Councilwoman Turner and carried unanimously.
What was voted on
approve the issuance by the Housing Authority of the City of Asheville of up to $18,020,000 in multifamily housing revenue bonds to finance Pine Lane Apartments, a 126-unit rental development with all units at 60% of area median income or below and a 30-year affordability period, satisfying Section 147(f) of the Internal Revenue Code. Adopted as part of the consent agenda, moved by Councilwoman Ullman, seconded by Councilwoman Turner. The minutes' motion text names "Rocky River Apartments" in one place while the item describes Pine Lane Apartments (a scrivener's error in the minutes, preserved here).
Open the minutesResolution No. 26-82