March 26, 2019Asheville City Council
From the minutes, not yet reviewedWhat it does
Approves issuing up to $22,500,000 multi-family housing revenue bonds to provide financing for redevelopment…
- Passed with the routine items, in one vote, without discussion.
- Who it's for: Households earning 50% to 60% of the area median income: $51,200 to $61,440 a year for a family of four (HUD's 2026 income limits for tax-credit housing in the Asheville area).
- Why it matters: Bonds are loans the City pays back over many years, with interest.
More from the minutes
- “Adoption of a resolution approving the issuance of bonds by the Housing Authority of the City of Asheville for the redevelopment of Lee Walker Heights (LWH) into a new, affordable, multi-family residential development.”
- “Maple Crest, LLC, is seeking to replace the existing 96 public housing units with 212 new affordable mixed-income units, 7 residential buildings, serving families earning between 10% and 60% of Area Median Income (AMI), 96 of which will continue to have deep subsidies, serving families below 50% of AMI.”
- “Maple Crest Management, Inc., which will manage the property, is a North Carolina non-profit that also has two members: Mountain Housing Opportunities, Inc. and Maple Crest Affordable Housing, Inc., a non-profit affiliated with the Housing Authority.”
Official title: Resolution approving the issuance of up to $22,500,000 multi-family housing revenue bonds to provide financing for redevelopment of Lee Walker Heights to satisfy section 147(f) of the internal revenue code
Carried unanimously, as part of the consent agenda
From the minutes: This motion was seconded by Councilwoman Mayfield and carried unanimously.
Read the motion as recorded
“RESOLUTION NO. 19-65 - RESOLUTION APPROVING THE ISSUANCE OF UP TO $22,500,000 MULTI-FAMILY HOUSING REVENUE BONDS TO PROVIDE FINANCING FOR REDEVELOPMENT OF LEE WALKER HEIGHTS TO SATISFY SECTION 147(F) OF THE INTERNAL REVENUE CODE”
Open the minutesConsent agenda, item F