How Buncombe County will use $19M for affordable housing: new units, rent help, repairs
ASHEVILLE - Buncombe County elected officials have voted to fund nearly $19 million in affordable housing projects — ranging from an emergency shelter for families experiencing domestic violence to a Woodfin apartment project that would include 120 units rented at below-market prices.
The 6-0 vote happened at a regular May 21 meeting of the Buncombe Board of Commissioners. Most of the funding, $15.6 million, will come from $40 million in property taxpayer-funded bond borrowing for affordable housing approved in 2022 by county voters including Asheville and other municipalities. The rest, $3.1 million, will come from the county's affordable housing services program.
The housing problem locally is stark. The Asheville Metropolitan Statistical Region, which includes Henderson and Madison counties, has the highest fair market rent in North Carolina in every housing metric set by the U.S. Department of Housing and Urban Development. HUD estimates it costs $1,428 for a one-bedroom apartment in the region.
With that in mind, the county set goals including increasing affordable rentals, adding affordable homes for ownership ? especially for BIPOC (Black, indigenous and people of color) residents ? supporting "naturally occurring affordable housing," backing activities that lower homelessness and supporting vouchers, such as those from HUD's Housing Choice Section 8 program, according to a presentation by county staff members who included Lead Community Development Analyst Jonathon Jones and Affordable Housing Bond Project Manager Chloe Donohoe.
The expenditures were already voted on and recommended by the county's Affordable Housing Committee May. 7.
In terms of numbers, the funding will pay for improvements such as the "development of 688 affordable units for rent," said Jones and the other staff members. That would achieve 37% of the county's goal of helping establish 1,500 to 1,850 units by 2030 that are affordable to people making 60% to 80% of area median income. Currently, that would mean monthly rents plus utilities would be $1,458 to $1,944 for a three-bedroom apartment. Qualifying four-person households would have incomes of $56,100 to $74,800 annually.
Here are some of the affordable housing projects that will now be funded after the commissioners approval of the $18.7 million in projects at their May 21 meeting:
$8.5 million loan continued from last year for the Meribel apartment project west of Weaverville, slated to include 156 affordable units.
$7.9 million loan for the Rocky River apartment project in Woodfin, to include 120 affordable units.
$6.5 million loan for the Asheville Affordable Pine Lane apartment project in Asheville off Brevard Road, planned to include 126 affordable units.
$1.3 million in emergency repair grants to agencies such as Asheville Area Habitat for Humanity helping 161 low-income homeowners.
$380,000 loan for the Lofts at Swannanoa apartment project at 2236 U.S. 70, to include 52 affordable units.
$300,000 grant for Helpmate to build a 43-bed emergency shelter for households experiencing domestic violence.
$151,000 in tenant-based rental assistance through Eblen Charities and the ARC of Buncombe County.
$137,000 loan for five homes to own in Habitat for Humanity's Glenn Bridge Phase II development.
Asheville hospitality workers face low wages, no paid sick leave, highest rent in NC
Asheville, Buncombe Tourism Authority won't fund affordable housing with $10M in grants
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: How Buncombe County will use $19M for affordable housing money; rent
