April 23, 2019Asheville City Council
From the minutes, not yet reviewedWhat it does
Lets the City Manager execute a Loan Modification requested by Mountain Housing Opportunities to allow them to maintain affordability at the River…
- 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).
More from the minutes
- “MHO developed the River Glen Apartments in Arden in 1998 with the assistance of Low-Income Housing Tax Credit equity (“LIHTC”) and the City of Asheville HOME financing.”
- “The property contains thirty-eight (38) apartments maintained for households at or below the 60% Area Median Income (“AMI”) level.”
- “MHO has committed to extending the affordability of these units for an additional 20-year term intended to run with the HOME loan maturing on September 1, 2038.”
Official title: 100 - resolution authorizing the City Manager to execute a Loan Modification requested by Mountain Housing Opportunities to allow them to maintain affordability at the River Glen Apartments property and authorization for the City Manager to negotiate and execute all documents necessary to give effect to this approval
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. 19- 100 - RESOLUTION AUTHORIZING THE CITY MANAGER TO EXECUTE A LOAN MODIFICATION REQUESTED BY MOUNTAIN HOUSING OPPORTUNITIES TO ALLOW THEM TO MAINTAIN AFFORDABILITY AT THE RIVER GLEN APARTMENTS PROPERTY AND AUTHORIZATION FOR THE CITY MANAGER TO NEGOTIATE AND EXECUTE ALL DOCUMENTS NECESSARY TO GIVE EFFECT TO THIS APPROVAL”
Open the minutesConsent agenda, item F