City Council approves Housing Trust Fund allocations that add affordable housing units

model of a house and key ring on a blueprint

 

Housing Trust Fund allocations approved July 23 by Asheville City Council will support the addition of affordable housing units in our community.

 

The allocations were made through the City’s Housing Trust Fund to support three projects. All three projects serve individuals and families with incomes under 60% of the Area Median Income. The Median household income of an Asheville family for four is estimated to be $66,000 a year. 

 

The projects include:

 

    •         A $530,000 Housing Trust Fund loan agreementwith Homeward Bound to acquire and rehabilitate a multi-family property at 296 Short Michigan Ave. Situated on an acre, there are five buildings on the property that, between them, contain 8 one-bedroom apartments and 3 two-bedroom units. Together they will provide permanent supporting housing as a strategy for Homeward Bound to provide more direct and efficient service to their clients. Homeward Bound is an Asheville nonprofit focused on service for people experiencing homelessness. Find more details about this project in the staff report presented to Council.

 

    •         Housing Trust Fund loan modification to Swannanoa Bend for an affordable development at 43 Simpson St., between Tunnel Road and Biltmore Village. The original plan for a 60-unit project had been expanded to 70 units. HomeTrust Bank is financing the project with a $3.5 million loan. Buncombe County has contributed $262,000. The City originally allocated $300,000 in 2016 to this project, with an additional $350,000 in 2017 to move the project from 60 to 70 units. On July 23, Council approved the request for an additional $650,000 in a Housing Trust Fund loan to cover increasing costs. The combined $1.3 million is to be paid back to the City over 20 years at a 2% interest. Find more details about the project in the staff report presented to Council.

 

  •         Housing Trust Fund loan modification to Amaranth Apartments by Workforce Homestead for development of a 70-unit affordable housing property at 1 Brookside Circle. Situated in the Candler community, this property located adjacent to Smoky Park Highway is within the Asheville city limits. While the project is designed for families with incomes under 60% of the Area Median Income it will also contain 18 apartments set aside for households at or below 30% AMI. This project will receive a $1.2 million Housing Trust Fund loan as part of the total $10.8 million development cost. Find more details about this project in the staff report presented to Council.

 

By supporting these allocations, 151 new affordable apartments will be made available to individuals and families making under 60% AMI. At least 11 units are for homeless households.

This supports Council’s stated goal in its Vision 2036 of being a city that incorporates quality affordable housing choices for people at all economic levels and stages of life.

 

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