Housing Trust Fund

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.

Current: Housing Trust Fund Policy – Adopted December 12, 2023

Applications for the Housing Trust Fund will open in December 2023. More information will be posted in early December.


The Fiscal Year 2025 Housing Trust Fund allocations have been approved by City Council!

On April 23, City Council reviewed 2024-25 HTF proposals and approved five projects for funding.  Here is a summary of the five approved projects.  


No. of units

Loan Amount 

Incomes Served 

Affordability Term

Loan Terms

 (1) Star Point Apts 



30-60% AMI

40 years

40-year maturity, 0% interest, deferred principle. 

 (2) Roers Affordable



60% AMI 

30 years

30-year term, 2% interest, deferred principle.

 (3) Hospitality Houses


$ 40,000

60% AMI

10-15 years

3-year term, 2% interest

 (4) Mountain Housing DPA 



80% AMI

10 years

40-year maturity, 0% interest




60% AMI

30 years

30-year term, 0% interest






FY 2025 Housing Trust Fund Application
List of Attachments Needed (Resource Page for Applicants)
Housing Trust Fund Procedures and Guidelines

HTF Policy/Application Appendices

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