February 11, 2020Asheville City Council
From the minutes, not yet reviewedWhat it does
Approves issuing up to $17,850,000 multi-family housing revenue bonds by the Housing Authority…
- 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).
- What the minutes say it will do: “The project is, and will continue to be, 100% subsidized under the Project-Based Section 8 Housing Assistance Program (“HAP Contract”) program of HUD and all units are affordable to and set aside for individuals with incomes at or below 60% of the AMI.”
- Why it matters: Bonds are loans the City pays back over many years, with interest.
More from the minutes
- “The proposed rehabilitation scope will completely overhaul the unit interiors-upgrading kitchens, bathrooms, living spaces, appliance and fixtures.”
- “The significant rehabilitation of an existing 116 unit affordable housing development for seniors.”
Official title: Resolution approving the issuance of up to $17,850,000 multi-family housing revenue bonds by the Housing Authority of the City of Asheville to provide financing for Arrowhead Apartments 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 Vice-Mayor Wisler and carried unanimously.
Read the motion as recorded
“RESOLUTION NO. 20-32 - RESOLUTION APPROVING THE ISSUANCE OF UP TO $17,850,000 MULTI-FAMILY HOUSING REVENUE BONDS BY THE HOUSING AUTHORITY OF THE CITY OF ASHEVILLE TO PROVIDE FINANCING FOR ARROWHEAD APARTMENTS TO SATISFY SECTION 147 (F) OF THE INTERNAL REVENUE CODE”
Open the minutesConsent agenda, item I