July 23, 2019Asheville City Council
From the minutes, not yet reviewedCouncil approves the request by Swannanoa Bend, LLC to borrow an additional $650,000 from the Housing Trust Fund.
Council voted to approve the request by Swannanoa Bend, LLC to borrow an additional $650,000 from the Housing Trust Fund, for a total loan amount of $1,300,000, due to cost increases for the Simpson Street project.
- 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 project also possesses a commitment of $262,000 from Buncombe County and a loan from HomeTrust Bank in the amount of $3,502,979.”
More from the minutes
- “Per a promissory note executed with the City of Asheville on October 6, 2017, Mr. Booth was to complete the construction of 70 affordable apartments and rent them to households at or below 60% AMI for a period of 20 years.”
- “The developer has ordered the 5th building from the Clayton Homes factory, and is anticipating completion and installation in the near future.”
- “The developer intends to honor the terms of the previous commitment, specifically to rent to households at or below 60% AMI and accept voucher payments.”
Official title: Council approved the request by Swannanoa Bend, LLC to borrow an additional $650,000 from the Housing Trust Fund, for a total loan amount of $1,300,000, due to cost increases for the Simpson Street project
Carried unanimously
From the minutes: This motion was seconded by Councilwoman Smith and carried unanimously.
Read the motion as recorded
“Councilman Young moved to approve the request by Swannanoa Bend, LLC to borrow an additional $650,000 from the Housing Trust Fund, for a total loan amount of $1,300,000, due to cost increases for the Simpson Street project.”
Open the minutesMotion text in the minutes