Housing Trust Fund Last updated or reviewed on April 25, 2024 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. Announcement 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. Development No. of units Loan Amount Incomes Served Affordability Term Loan Terms (1) Star Point Apts 60 $448,582 30-60% AMI 40 years 40-year maturity, 0% interest, deferred principle. (2) Roers Affordable 126 $3,879,366 60% AMI 30 years 30-year term, 2% interest, deferred principle. (3) Hospitality Houses 2 $ 40,000 60% AMI 10-15 years 3-year term, 2% interest (4) Mountain Housing DPA 5 $300,000 80% AMI 10 years 40-year maturity, 0% interest (5) AAHH DPA 4 $146,000 60% AMI 30 years 30-year term, 0% interest Total 197 $4,813,948 Questions may be directed to the Affordable Housing Division at affordablehousing@ashevillenc.gov. FY 2025 Housing Trust Fund Application List of Attachments Needed (Resource Page for Applicants) Housing Trust Fund Procedures and Guidelines HTF Policy/Application Appendices Appendix 1 – Affordable AMI Rents / HUD Utility Allowance (Excel) Appendix 2 – Homeownership Expense Calculator with Formulas (Excel) Appendix 3 – Energy Efficiency Items (Adobe PDF) Application Appendix 4 – Scoring Criteria (Adobe PDF) Application Appendix 5 – Rental Development spreadsheet (Excel) Application Appendix 6 – Homeownership development spreadsheet (Excel) Application Appendix 7 – Authorization to Release Information (Adobe PDF) Application Appendix 8 – W9 Form (Adobe pdf) Application Appendix 9 – Size and Price of Units Table (Excel) 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
