ASHEVILLE, N.C. (828newsNOW) — The Asheville City Council on Tuesday granted more than $4.8 million of loans from the city’s Housing Trust Fund to boost affordable housing projects totaling 197 affordable units.
It included the biggest loan the fund has ever granted: nearly $3.9 million to help Roers Companies complete 126 units on Pine Lane in southwest Asheville. They also are seeking a $8.6 million loan from Buncombe County toward the estimated $45 million total cost of building four three- or four-story buildings and a clubhouse, with the 126 units set aside for families at or below 60 percent of the Area’s Median Income. The city’s 30-year loan is to be paid back at 2 percent interest.
The city received applications totaling $9 million in this year’s round of funding, compared to the $4.9 million available in the fund.
Others receiving the low- or zero-interest loans: Mountain Housing Opportunities (MHO) for its Star Points Apartments project, $448,582; MHO, $300,000 for down payment assistance; Hospitality Houses, an affiliate of WNC Ministries, $40,000, for supportive housing units; and Habitat for Humanity, $146,000, for down payment assistance.
A copy of the staff recommendations, before revisions, can be found HERE.
Correction: An earlier version of this story included an incorrect amount for the Star Points Apartment project, resulting in an incorrect total allocation. The total is $4,813,948.