December 10, 2019Asheville City Council
From the minutes, not yet reviewedWhat it does
Approves the request by Asheville Area Habitat for Humanity to borrow $860,000 from the Housing Trust Fund.
- 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 loan fund will not accrue interest.”
- The money, in the minutes' words: “AAHH requests a HTF loan in the amount of $860,000 which they will pair with $964,000 of their own equity.”
More from the minutes
- “In response to increased demand for for-sale housing available to low and moderate income households, staff approached Asheville Area Habitat for Humanity (AAHH) to explore their capacity for constructing single-family homes in Asheville neighborhoods within their larger project cycle.”
- “AAHH proposes to complete 8 homes and make them available for sale to households at or below 80% Area Median Income (AMI).”
- “Of the 8 homes, 2 are existing structures acquired by AAHH. The Housing Trust Fund (HTF) investment in these two properties will be considered down payment assistance for the homeowner, and go in at closing.”
Official title: Council approved the request by Asheville Area Habitat for Humanity to borrow $860,000 from the Housing Trust Fund
Carried unanimously
From the minutes: This motion was seconded by Councilwoman Mayfield and carried unanimously (with Councilman Haynes being recused from voting).
Read the motion as recorded
“Councilman Young moved to approve the request by Asheville Area Habitat for Humanity to borrow $860,000 from the Housing Trust Fund.”
Open the minutesMotion text in the minutes