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.
FY 2017-18 Annual Action Plan
Funding recommendations for the use of CDBG and HOME funds during FY 2017-2018 were made at the Housing and Community Development’s meeting on March 24, 2017 for CDBG funds, and at the Asheville Regional Housing Consortium meeting on March 22, 2017 and April 25, 2017 for HOME funds. Asheville City Council approved the Annual Action Plan at their May 9, 2017 meeting. See link below for a copy of the approved plan:
CDBG is a federal grant program through Housing and Urban Development (HUD) proving grant funds for a variety of projects and programs that serve Low and Moderate income residents or eliminate slum and blight.
This policy is intended to provide incentives to encourage development projects that fulfill important public purposes that include directly addressing annual strategic goals set by the City Council. It offers discretionary approval of incentives that the Council may choose to grant to projects they believe best achieve their goals. For more information, please see the attached Land Use Incentive Policy.
Home Investment Partnerships Program (HOME) is a federal grant program through Housing and Urban Development (HUD) providing grant funds on a reimbursable basis to provide decent affordable housing to low-income households, expand the capacity of nonprofit housing providers, strengthen the ability of state and local governments to provide housing, and leverage private-sector participation.
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.
The Department of Housing and Urban Development Continuum of Care (CoC) Grant funds housing and services for people who are experiencing homelessness.
Community Development Director
Community and Economic Development Department
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