December 10, 2019Asheville City Council
From the minutes, not yet reviewedWhat it does
Approves the Land Use Incentive Grant to the Tribute Companies for the Asheland / Coxe Development for an amount.
- Passed. Everyone present voted yes.
- Who it's for: Households earning up to 80% of the area median income: up to $81,920 a year for a family of four, or $57,360 for one person (HUD's 2026 income limits for tax-credit housing in the Asheville area).
- What the minutes say it will do: “The proposed project will provide forty-nine (49) units affordable to households at 80% or less of median income for an affordability period of twenty (20) years.”
- The money, in the minutes' words: “For 20 years and 49 affordable units at 80% AMI, the city will grant back a total of $5,894,800 over the 16 years of the LUIG which equals $120,302 per affordable unit of subsidy which is higher than the current estimate of up to $80,000 in subsidy for 80% AMI homes as suggested by our Lord Aeck Sargeant consultants.”
More from the minutes
- “Community Development Program Director Paul D’Angelo said that this is the consideration of (1) a resolution granting a land use incentive grant to support affordable housing units at Asheland/Coxe Avenues.”
- “Request/application by Tribute Companies for a Land Use Incentive Grant (LUIG) to support affordable housing units at a mixed-use, mixed-income development at Asheland / Coxe Avenues.”
- “The development consists of 488 rental apartments with 10% (49) of the homes proposed for 80% Area Median Income (AMI) for 20 years.”
Official title: Council approved the Land Use Incentive Grant to the Tribute Companies for the Asheland / Coxe Development for an amount not to exceed $80,000 per affordable unit with the direction to staff to review possible LUIG policy changes of adjusting a cap based on inflation amount as it related to tax and value
Carried unanimously
From the minutes: This motion was seconded by Councilman Young and carried unanimously (with Mayor Manheimer being recused from voting).
Read the motion as recorded
“Councilman Kapoor moved to approve the Land Use Incentive Grant to the Tribute Companies for the Asheland / Coxe Development for an amount not to exceed $80,000 per affordable unit with the direction to staff to review possible LUIG policy changes of adjusting a cap based on inflation amount as it related to tax and value.”
Open the minutesMotion text in the minutes