May 23, 2023Asheville City Council
From the minutes, not yet reviewedWhat it does
Approves the Land Use Incentive Grant application for Commonwealth Development Corporation / Fairhaven Summit Apartments.
- Passed. Everyone present voted yes.
- What the minutes say it will do: “The proposed project will provide 77 affordable rental housing units to households earning an average of 60% or less of area median income;”
- The money, in the minutes' words: “For 21 years and 77 affordable units at or below and average 60% AMI, the city will grant back a total of $1,018,132 over the 21 years of the LUIG which equals $13,222 per unit of subsidy which is lower than the estimate of up to $80,000 in subsidy for 80% AMI homes as noted in the LUIG Policy.”
More from the minutes
- “The developer is building in a NON QCT, where at least 50% of the households have incomes over 60% of the Area Median Gross Income (AMGI) or a poverty rate under 25%.”
- “Quality Affordable Housing”
- “The proposed project will have an affordability period of thirty (30) years;”
Official title: Council approved the Land Use Incentive Grant application for Commonwealth Development Corporation / Fairhaven Summit Apartments
Carried unanimously
From the minutes: This motion was seconded by Councilwoman Mosley and carried unanimously.
Read the motion as recorded
“Councilwoman Turner moved to approve the Land Use Incentive Grant application for Commonwealth Development Corporation / Fairhaven Summit Apartments.”
Open the minutesMotion text in the minutes