Update on the Fairhaven Summit Apartments Affordable Housing Project in Asheville

Update on the Fairhaven Summit Apartments Affordable Housing Project in Asheville

ASHEVILLE, N.C. – The once quiet patch of land off Sweeten Creek Road is gradually morphing into an affordable housing hub. The proposed apartment complex, announced back in 2022, was met with much enthusiasm by locals. However, the apparent lack of activity and updates led to concerns and unanswered questions amongst residents such as La’Kecia Graham, who queried, “Do you currently have access to that information and/or do you know how to obtain more information about the Sweeten Creek Road apartment complex and when they plan to begin to accept leasing applications?”

The Commonwealth Development Corporation’s Newest Project

The leading organization behind this initiative is the Commonwealth Development Corporation (CDC), known for creating affordable housing solutions for communities. Utilizing funding from Low-income Tax Credits through the North Carolina Housing Finance Agency, they’ve embarked on their latest venture – the Fairhaven Summit Apartments. This additional development to their portfolio consists of three buildings featuring various units and a clubhouse, all projected to reach completion by October 2025.

A Closer Look at the Development Plans

Jonathan Nesburg, the closing director of this project, shed some more light on the ongoing operations. “Our projects look similar to any comparable market-rate projects. This spot in particular, we have a nice walking path and woods on our property,”, he enthusiastically mentioned while describing the surroundings of the project. Nesburg added, “We have a clubhouse, and I believe we have an exercise room in there and a business center.”

Reassuringly, Nesburg mentioned that the units are built to energy-star requirements, thus ensuring their environmental-friendly status. “So they’ll be nice, and they’ll also be very green,” he stated.

Income-Based Pricing and Leasing Schedule

Meanwhile, the pricing model for these units follows a distinct structure, which is based on the area’s median income. Twenty units will be priced at 30% of the median income scale, nine units will be at 50%, 32 at 70%, and the remaining 16 at 80%. The leasing applications are scheduled to open once the first phase of the project is completed by September 2025.

More Affordable Housing in the Pipeline

The Commonwealth Development Corporation doesn’t plan to stop here. They have already revealed plans for their next project in the Brevard area, thus expanding their portfolio and mission of providing affordable living solutions.

As the progress continues on the Fairhaven Summit Apartments project, the residents of Asheville eagerly await the chance to call this new, affordable housing development their home.