Asheville affordable housing project with 645 units moves forward; City Council to vote

Asheville affordable housing project with 645 units moves forward; City Council to vote

ASHEVILLE –

Asheville’s metro faces some of the highest fair market rent in the southeast, with a significant housing shortage. Buncombe County is addressing this issue with projects like Ferry Road, a 137-acre development with 645 affordable units. The project aims to provide housing, conservation areas, and potentially a childcare facility or clinic. The Planning and Zoning Commission unanimously approved the project, which will now move to a City Council vote on March 26.

Project Overview

The Development Finance Initiative at UNC Chapel Hill is involved in the project, with Buncombe County committing $34 million to support affordable housing initiatives. The county acknowledges that affordable housing often requires subsidies to bridge the gap that the market doesn’t address.

Unit Counts

The estimated cost of the Ferry Road project is $210 million, with projected collaboration between multiple developers. The site is located near Bent Creek and the French Broad River, offering a mix of apartment and homeownership opportunities in an urban setting.

How many units?

Ferry Road is set to include 645 affordable units, with a potential maximum of 935 units. The project aims to address the pressing need for affordable housing in the area.

Transit as part of the ‘affordability picture’

Just Economics of Western North Carolina highlighted the importance of including transit in the affordability equation for the Ferry Road project. Coordination with existing public transit systems is crucial to support residents of the development.

Conservation

The conservation element of the project is a significant aspect, with a majority of the site being placed under conservation easements. Residents will have access to greenways and trails, preserving the area’s wildlife diversity.

More than affordable housing: Conservation

The project emphasizes conservation, leading to modifications in roadways and parking plans. The incorporation of conservation easements and green infrastructure showcases the project’s commitment to environmental stewardship.

Conclusion

Buncombe County is exploring various affordable housing projects, including those at 50 and 52 Coxe Avenue in downtown Asheville. Feedback is welcomed on these initiatives as the county seeks to address housing needs in the community.



Author: HERE Asheville

HERE Asheville

Recent Posts

Asheville Addresses Homelessness Challenges Following Tropical Storm Helene

Asheville Ramps Up Efforts to Help the Unhoused Post-Storm Asheville, N.C. - It’s been over…

1 hour ago

Asheville Community Offers Essential Services and Support Amid Recovery Efforts

Asheville Community Updates: Services and Support in Action Greetings from Asheville! As our community works…

1 hour ago

Asheville’s Biltmore Estate Readies for Holiday Reopening After Storm Recovery

Asheville Prepares for a Festive Comeback at Biltmore Estate Asheville, North Carolina, is buzzing with…

1 hour ago

Asheville Launches $5,000 Home Repair Giveaway for Hurricane Helene Victims

Exciting Remodeling News for Residents of Asheville! Asheville, a city known for its stunning landscapes…

1 hour ago

Voting in Asheville: The Importance of Making Your Voice Heard This Election Season

Voting in Asheville: Making Your Voice Heard Asheville, a charming city nestled in the heart…

1 hour ago