April 13, 2021Asheville City Council
From the minutes, not yet reviewedWhat it does
Approves Mountain Housing Opportunities’ request to extend the maturity dates of a total of five CARROT/CDBG loans valued at $683,028 and eliminate yearly…
- 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).
More from the minutes
- “From the early 1990s to the mid-2000s, MHO was committed to developing smaller, scattered site rental housing for some of the most low income households in Asheville.”
- “Utilizing Section 108 and CDBG loans from the City of Asheville, MHO acquired and renovated six older properties that created 22 affordable units.”
- “MHO primarily used the Section 108 funded CARROT (City of Asheville Rental Rehabilitation for Owners and Tenants) loan program which provided low interest rates for investors of affordable housing.”
Official title: Council approved Mountain Housing Opportunities’ request to extend the maturity dates of a total of five CARROT/CDBG loans valued at $683,028 and eliminate yearly interest payments in exchange for an additional 20-year affordability period and 4-13-21 Page 16 rent restrictions raised to 60% AMI
Carried unanimously
From the minutes: This motion was seconded by Councilwoman Turner and carried unanimously by roll call vote.
Read the motion as recorded
“Councilwoman Mosley moved to approve Mountain Housing Opportunities’ request to extend the maturity dates of a total of five CARROT/CDBG loans valued at $683,028 and eliminate yearly interest payments in exchange for an additional 20-year affordability period and 4-13-21 Page 16 rent restrictions raised to 60% AMI.”
Open the minutesMotion text in the minutes