Housing Trust Fund

What’s new?

 

On December 13, Asheville City Council adopted a revised Housing Trust Fund Policy.   The city is opening a funding cycle during Winter of 2022-23.   Links to the application and appendices are below. 

 

 

Winter 2022/23 Funding Cycle

 

***  IMPORTANT INFORMATION*** 

The Housing Trust Fund Policy has remained largely the same, but there were recent revisions made on December 13.   

  1. Read the entire policy before applying.  
  2. Read the Instructions for logging into Formsite, the application portal.  Housing Trust Fund applications are being accepted using Formsite at the link below.  
  3. All projects proposing new construction or rehabilitation of units,  MUST have an early assistance or pre-application meeting with DSD staff completed before applying.   To schedule an appointment with staff, go to  https://develop.ashevillenc.gov 
  4. For submitting proforma/development spreadsheets, applicants may submit their own proformas, but should use the vacancy rates, debt coverage ratio, etc that are listed in the policy.   Using the city spreadsheets is allowed as well, it is up to the applicant. 
  5. Submit a $300 application fee to the Affordable Housing Division by following the mailing instructions below. You may also hand deliver the fee to our office. Please note that the application will not be considered complete until your application fee has been received.

 

Application fees may be mailed to: 

City of Asheville

CED – Affordable Housing Division

c/o Housing Trust Fund

PO Box 7148

Asheville, NC 28801

 

FY 2023-24 Housing Trust Fund Application 

List of Attachments Needed (Resource Page for Applicants)

 

Appendices  

  • Appendix 2 – Homeownership Expense Calculator with formulas (Excel)

 


What is the Housing Trust Fund (HTF)

The Housing Trust Fund was established by the Asheville City Council in 2000 to fund the construction of affordable housing units in our community.   Between 2001 and 2019, approximately 1300 units have been built using this funding source.  

The Housing Trust Fund provides low interest loans for a variety of projects that serve low and moderate income people.   Projects may be rental or homeownership.

 


Eligible Uses

The Housing Trust Fund has a range of eligible uses including:

  • Acquisition of real property
  • Construction of new housing for sale or rental, including land acquisition and hard costs.
  • Conversion or adaptive reuse of existing non-residential structures for housing.
  • Purchase and rehabilitation of existing substandard multifamily housing units. 
  • Purchase and rehabilitation or conversion of market rate multifamily developments to affordable housing. 
  • Manufactured housing and modular construction.
  • Down payment assistance loans

Housing Trust Funds are not available for individuals seeking to build or renovate their own home.  Projects must be located within the Asheville City limits to be eligible for assistance.

 


Contact Information

Sasha Vrtunski, Affordable Housing Officer
svrtunski@ashevillenc.gov

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