March 26, 2019Asheville City Council
From the minutes, not yet reviewedCouncil approves a $4.2 million agreement to the terms and conditions described in the Staff Report and Resolution.
Council voted to approve an agreement with the Housing Authority of the City of Asheville According to the terms and conditions described in the Staff Report and Resolution, for $4.2 million.
- Passed. Everyone present voted yes.
- Who it's for: Households earning up to 60% of the area median income: up to $61,440 a year for a family of four, or $43,020 for one person (HUD's 2026 income limits for tax-credit housing in the Asheville area).
- The money, in the minutes' words: “The total project cost is estimated at approximately $39.7 Million, and the project will be funded through a combination of 4% Low Income Housing Tax Credit (LIHTC) funds, HUD Funds, Housing Authority Funds, Buncombe County grant funds in the amount of $4.2 million and City grant funds in the amount of $4.2 million.”
More from the minutes
- “The Lee Walker Heights Redevelopment will replace the existing 96 public housing units with 212 new affordable mixed-income units serving families earning between 10% and 60% of Area Median Income (AMI).”
- “Affordable Housing Advisory Committee - February 7, 2019”
- “Aligns with the purpose of GO Housing Bonds in making improvements to a City identified “High Impact Site: and in other ways, and will show progress on Affordable Housing Bond Projects.”
Official title: Council authorized the City Manager to negotiate and enter into a grant agreement with the Housing Authority of the City of Asheville in the amount of $4.2 million according to the terms and conditions described in the Staff Report and Resolution
Carried unanimously
From the minutes: This motion was seconded by Councilwoman Mayfield and carried unanimously.
Read the motion as recorded
“Vice-Mayor Wisler moved to authorize the City Manager to negotiate and enter into a grant agreement with the Housing Authority of the City of Asheville in the amount of $4.2 million according to the terms and conditions described in the Staff Report and Resolution.”
Open the minutesMotion text in the minutes