City of Asheville: Over $4.8 M Affordable Housing Projects  

Asheville -- April 26, 2024: City of Asheville Community News: The City of Asheville Housing Trust Fund 

(HTF) exists to support the development and preservation of affordable housing within the city. The HTF provides financial assistance in the form of loans to developers and nonprofit organizations to help create and preserve affordable housing units.

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

Star Point Apts          60             $448,582                 30-60% AMI                               40 years 40-year maturity,0%interest
                                                                                                                                  deferred principle.

Roers Affordable       126           $3,879,366                    60% AMI                               30 years 30-year term, 2% interest,
30-year term, 2% interest, deferred principle.                                                               deferred principle.                         

Hospitality Houses          2         $40,000                         60% AMI                               10-15 Years 3-year ter, 2% interest

Mountain Housing DPA     5         $300,000                        80% AMI                               10 year, 40-year maturity, 0% interest

AAHH DPA                       4         $146,000                        60% AMI                               30 years, 30-year term, 0% interest

Total                            197      $4,813,948         
197
$4,813,948

BACKGROUND

Established in 2000, the HTF is administered by the City’s Affordable Housing Division. The fund receives its revenue from a variety of sources, including developer contributions, fees, taxes, and private donations. Since its inception, the HTF has funded a wide range of affordable housing projects, including the construction of new units, rehabilitation of existing units and providing rental assistance to low-income residents.

“The goal of the Housing Trust Fund is to ensure that people of all income levels have access to safe, decent, and affordable housing in the City of Asheville,” said Sasha Vrtunski, Affordable Housing Officer with the Community Development Division. “By providing financial assistance to developers, the HTF helps to create and preserve affordable housing options for low- and moderate-income families, seniors, and individuals with disabilities, among others.”

For more information, visit the Housing Trust Fund page on our website.

--
Sam Parada

Communications Specialist
City of Asheville CAPE
828-575-6329 (cell)
sparada@ashevillenc.gov