The City of Asheville's Housing Trust Fund was created in 2000 to provide a source of local funding to assist in the development of affordable housing in Asheville. Assistance is available in the form of repayable loans at a low rate of interest.
Current Goals & Priorities
- Rental housing will be prioritized over homeownership projects with the goal toward a minimum of 75% of the annual appropriations to rental projects (as averaged over the most recent three (3) year period).
- Developers seeking lower per-unit subsidies will be given more priority in the HTF scoring model.
- Projects with final planning and zoning approval are preferable.
- One-bedroom and efficiency (studio) units are most needed and desired.
- Multi-family properties are preferred over single family development.
- Projects developed along transit corridors will receive priority in the scoring and evaluation process.
- Higher density and large-scale developments are prioritized in the scoring model.
The City of Asheville encourages those who apply for Housing Trust Funds to pursue opportunities to include green technology, energy-efficient and sustainable practices in their housing development proposals.
What is the City Definition of "Affordable Housing"?
To be considered “affordable,” housing must meet the following criteria:
- Homes for sale: Must be sold to buyers whose total housing obligation (principal and interested repayments, taxes, hazard insurance, and mortgage insurance) does not exceed 30% of the buyer's household income. The buyer's total household income cannot exceed the area median income, as established by the US Department of Housing and Urban Development, by household size.
- Rental units: Must be rented at or below the maximum program rents and the first tenants must have household income below 80% of the area median income adjusted for family size.
*Appendix 1 provides information on income levels and rents that meet these guidelines.
Eligibility Requirements for Funding
Applications are invited from experienced for-profit or non-profit developers who plan to construct new affordable housing for sale or rental, rehabilitate existing multi-family housing, or convert property to affordable housing from another use. Please review the City of Asheville Housing Trust Fund Policy and Guidelines for project and developer eligibility.
How Do I Apply?
To apply for assistance from the City of Asheville Housing Trust Fund, please complete the loan application form in its entirety, including all applicable appendices and attachments. Prior to completing the application, please ensure that you have fully read the Housing Trust Fund Policy and Guidelines to familiarize yourself with the requirements and responsibilities associated with funding.
The Housing and Community Development Committee will review applications and make funding recommendations at their January 19, 2016 meeting, with awards made by the Asheville City Council.
Please direct all questions and comments related to the City of Asheville Housing Trust Funds to:
City of Asheville Community Development Department
P.O. Box 7148
Asheville, NC 28801
(828) 259-5728 Phone