Answer Man: How much funding toward Asheville affordable housing?
ASHEVILLE – As rents rise, affordable housing remains a primary goal of city staff, city council and Asheville’s community. One reader asks: what does city of Asheville spending look like for affordable housing projects?
What does affordability mean for the city?
For most city and county projects, the term “affordable” has been defined by the U.S. Department of Housing and Urban Development. The city of Asheville defines affordable housing using area median income, with anywhere from 80% to 30% AMI being target income levels for affordable housing projects. Examples of recent projects using the 80% AMI level of affordability include the 115 Fairview Road project, which will bring 57 units rented at 80% of Asheville’s area median income.
Affordability ‘myth busting’: 80% AMI? Workforce housing?
To answer this specific question about affordable housing in Asheville, I caught up with Asheville’s Affordable Housing Officer Sasha Vrtunski, who helped clarify some misunderstandings included context for some of the affordable housing funding systems. Vrtunski also highlighted a term that might be antiquated given Asheville’s high Fair Market Rent.
Affordable housing in Asheville from 2017 to 2024
Housing Trust Fund
In the 2017 Affordable Housing Bond, a decent amount has been broken out into multiple affordable housing projects. Here’s a breakdown of that funding…
Land Banking
Two land banking opportunities have been created by the city of Asheville from which the city has spent around $3 million in the development of these properties…
City owned land
In addition to other city bond related items, city owned land or purchased property has also been set toward affordable housing. Here’s a breakdown of those projects…
LUIG
Since 2016, the LUIG fund has seen the funding of over $23 million put toward developments aiming for elements of affordability, like the 115 Fairview Road project mentioned earlier…
About the Author
Will Hofmann is the Growth and Development Reporter for the Asheville Citizen Times, part of the USA Today Network.
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