March 12, 2024Asheville City Council
From the minutes, not yet reviewedWhat it does
Approves issuing up to $12,775,000 multifamily housing revenue Bonds to provide financing for Laurel…
- Passed with the routine items, in one vote, without discussion.
- 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).
- The money, in the minutes' words: “On April 11, 2023, the City Council adopted Resolution No, 23-77 approving the Housing Authority issuance of not to exceed $11,855,000 of tax-exempt bonds for the Laurel Wood Apartments development.”
- Why it matters: Bonds are loans the City pays back over many years, with interest.
More from the minutes
- “The existing 51 units are all one-bedroom and are located within one building that was built in 1999.”
- “The 54 new units will be located in a new building to be constructed on site and will include 42 one-bedroom units and 12 two-bedroom units.”
- “All 105 units in the development will be rent and income restricted at 40,50,60 and 80% of area median income.”
Official title: Resolution approving the issuance of up to $12,775,000 multifamily housing revenue Bonds to provide financing for Laurel Wood 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 Councilwoman Turner and carried unanimously.
Read the motion as recorded
“RESOLUTION NO. 24-66 - RESOLUTION APPROVING THE ISSUANCE OF UP TO $12,775,000 MULTIFAMILY HOUSING REVENUE BONDS TO PROVIDE FINANCING FOR LAUREL WOOD APARTMENTS TO SATISFY SECTION 147 (f) OF THE INTERNAL REVENUE CODE”
Open the minutesConsent agenda, item H