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.
