Housing Trust Fund


 

The City of Asheville’s Housing Trust Fund was created in the year 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 following affordable housing priorities have been established for the fund:

 

  • Rental housing and home ownership projects will have equal priority.
  • Projects with permanent affordability are given the highest priority in the scoring model.
  • The development of units serving the lowest income households will be given higher priority.
  • Developers seeking lower per-unit subsidies will be given more priority in the scoring model.
  • Projects with final planning and zoning approval are preferable (but not required).
  • Projects with higher number of affordable units will be given higher priority.
  • Projects developed along transit and multi-modal corridors will be given higher priority.
  • Projects that incorporate green-building elements and have the highest energy efficiency (as determined by an outside rating agency) will be given higher priority.

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:

  1. 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.
  2. 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.

 

Applications for the Housing Trust Fund are now accepted on a rolling basis and will be reviewed as as received. The Housing and Community Development Committee will review applications and make funding recommendations. Those recommendations are made to the Asheville City Council.

 

 

 


Contact Information

 

Please direct all questions and comments related to the City of Asheville Housing Trust Funds to:

Paul D’Angelo,
City of Asheville, Community Development
P.O. Box 7148
Asheville, NC 28801
828-251-4098

pdangelo@ashevillenc.gov

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