August 23, 2022Asheville City Council
From the minutes, not yet reviewedWhat it does
Approves Mountain Housing Opportunities’ request for $850,000 Housing Trust Fund loan to construct 50-60 multifamily apartments for households at or below 60% AMI…
- Passed. Everyone present voted yes.
- 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 will also have 20% of the units (10-12) reserved for young adults aging out of foster care.”
- The money, in the minutes' words: “MHO has expressed their intention to apply for additional Housing Trust Funds for construction in the amount of $661,100.”
More from the minutes
- “The policy gives room for negotiation on repayment when extremely low income households are being served.”
- “The provision of 10-12 units for youth coming out of foster care, who are vulnerable to becoming homeless.”
- “The proposal is that MHO will build 50-60 new affordable rental apartments close to Tunnel Road, where there is access to jobs, transit, grocery stores, and other retail.”
Official title: Council approved Mountain Housing Opportunities’ request for $850,000 Housing Trust Fund loan to construct 50-60 multifamily apartments for households at or below 60% AMI at 16 Restaurant Court, including 10-12 units for young adults aging out of foster care, with the amendment that “If the project does not commence construction within (3) three years of the property purchase, MHO will be required to sell the property and the City shall be entitled to the full proceeds of the sale, even if in excess of the loan amount, less any value 8-23-22 Page 27 attributable to improvements made by MHO as well as due diligence costs expended by MHO in an amount not to exceed $100,000
Carried unanimously
From the minutes: This motion was seconded by Councilwoman Kilgore and carried unanimously.
Read the motion as recorded
“Councilwoman Mosley moved to approve Mountain Housing Opportunities’ request for $850,000 Housing Trust Fund loan to construct 50-60 multifamily apartments for households at or below 60% AMI at 16 Restaurant Court, including 10-12 units for young adults aging out of foster care, with the amendment that “If the project does not commence construction within (3) three years of the property purchase, MHO will be required to sell the property and the City shall be entitled to the full proceeds of the sale, even if in excess of the loan amount, less any value 8-23-22 Page 27 attributable to improvements made by MHO as well as due diligence costs expended by MHO in an amount not to exceed $100,000.”
Open the minutesMotion text in the minutes