December 11, 2018Asheville City Council
From the minutes, not yet reviewedWhat it does
Transfers Housing Trust Fund Security Interest from 444 Beaucatcher Road to the chapel…
- Passed with the routine items, in one vote, without discussion.
- Who it's for: Households earning up to 60% of the area median income: up to $61,440 a year for a family of four, or $43,020 for one person (HUD's 2026 income limits for tax-credit housing in the Asheville area).
- The money, in the minutes' words: “The developer borrowed $150,000 from the HTF in June of 2013 to create a total of eight affordable units on Marigold Street and Chapel Park Place. $75,0000 was interest only at 2%, the other $75,000 was fully amortized over a 30 year term.”
- Why it matters: This moves City-owned land or property to a new owner or a new use.
More from the minutes
- “These units are made affordable to households at 60% AMI for a period of 30 years.”
- “The proposed interest transfer helps secure operating cost reducing refinancing on a property available to those with incomes under 60% of AMFI.”
Official title: Resolution authorizing the transfer of Housing Trust Fund Security Interest from 444 Beaucatcher Road to the chapel park/marigold properties
Carried unanimously, as part of the consent agenda
From the minutes: This motion was seconded by Vice-Mayor Wisler and carried unanimously.
Read the motion as recorded
“RESOLUTION NO. 18-302 - RESOLUTION AUTHORIZING THE TRANSFER OF HOUSING TRUST FUND SECURITY INTEREST FROM 444 BEAUCATCHER ROAD TO THE CHAPEL PARK/MARIGOLD PROPERTIES”
Open the minutesConsent agenda, item C