Asheville area $38M affordable housing vote set: 156 Weaverville units; 120 in Woodfin
ASHEVILLE - An important committee is set to vote on a requested $38 million in local government aid for affordable housing projects, including 126 new units in Weaverville and 120 in Woodfin.
The money would go to projects in fiscal year 2025, beginning July 1. The Buncombe County Affordable Housing Subcommittee was set to meet April 30 for members to vote on a funding recommendation. That meeting has now been moved to May 7 because of last-minute scheduling issues, county staff said.
The final say will be with the Board of Commissioners who plan to take up the committee recommendation May 21.
In years past, affordable housing was largely the concern of Asheville city government. But as the county population grew and housing prices shot up, Buncombe officials have played a larger role, spearheading a $40 million affordable housing bond referendum passed by voters in 2022.
The popular support for aiding affordable housing comes as local renters now face some of the highest housing costs in the Southeast and business owners struggle to find workers.
"It's creating a real stretch on peoples' budgets," county Community Analyst Jonathan Jones told the Citizen Times April 29.
"I think the community definitely has a need for affordable housing and we have a number of great partners that are trying to meet that need," Jones said.
While need has increased, so has cost, he said, with most aspects of construction becoming more expensive and interest rates rising.
The 23 proposals are being made by nonprofits, for-profit companies and others involved with affordable housing and homeowner assistance. If approved, they would use up nearly all the $40 million in voter-approved loans. Combined with two major county affordable projects, the total would come to at least $73 million, something that would require a "strategic" rethinking of funding, Board of Commissioners Chair Brownie Newman has said.
Newman is on the affordable housing subcommittee along with Commissioners Parker Sloan and Amanda Edwards.
Affordable housing proposals; hundreds of units, aid
While some projects are for new construction, others are meant to aid low-income residents with everything from home repair to financial literacy. There are $2.2 million grant requests and $36 million requests for loans. Many of the construction loans would be used for affordable housing units in larger projects.
Here are some the biggest projects:
$10.3 million - new construction loan to LDG Multifamily company for the Meribel project with 156 affordable multifamily housing units in Weaverville. (Total project cost of $51 million. Different units would be for renters making less than 80% of area median income, less than 60% and less than 30%.
$8.7 million - new construction loan to Fitch Irick Development for 120 units Rocky River Hill Apartments in Woodfin. Renter income targets range from 80% to 30% AMI with an estimated 64 units at or below 60% AMI.
$8.6 million - new construction loan to Roers Companies for 126 units for Asheville Affordable Pine Lane near Brevard. Those would go renters making 60% or less AMI.
Area median income
Area median income (AMI) as of this year for a four-person household:
Below 30%: $31,200
Below 50% $46,750
Below 60% $56,100
Below 80%: $74,00
100%: $93,500
More: Asheville, Buncombe Tourism Authority won't fund affordable housing with $10M in grants
Asheville-area 100% affordable senior housing development approved by Buncombe County
Joel Burgess has lived in WNC for more than 20 years, covering politics, government and other news. He's written award-winning stories on topics ranging from gerrymandering to police use of force. Got a tip? Contact Burgess at [email protected], 828-713-1095 or on Twitter @AVLreporter. Please help support this type of journalism with a subscription to the Citizen Times.
This article originally appeared on Asheville Citizen Times: Asheville area $38M affordable vote set; includes Weaverville, Woodfin