February 14, 2023Asheville City Council
From the minutes, not yet reviewedCouncil approves the Land Use Incentive Grant application for for Cohen-Esrey Development Group at 157 New Leicester Highway.
- Passed. Everyone present voted yes.
- Who it's for: Households earning up to 80% of the area median income: up to $81,920 a year for a family of four, or $57,360 for one person (HUD's 2026 income limits for tax-credit housing in the Asheville area).
- What the City says it's for: “The proposed project will provide twenty-nine (29) affordable units (20% of the total units) to individuals and families earning at or below 80% AMI, with 19 (50% of the affordable units) accepting rental assistance, for an affordability period of thirty (30) years.”
- The money, in the minutes' words: “For 16 years and 29 affordable units at or below 80% AMI, the city will grant back a total of $1,688,299 over the 16 years of the LUIG which equals $58,217 per unit of subsidy which is lower than the estimate of up to $80,000 in subsidy for 80% AMI homes as noted in the LUIG Policy.”
More from the minutes
- “able units is 15 one bedroom units and 14 two bedroom units.”
- “Affordable Rental Housing”
- “The proposed project will accept 15 Housing Choice Vouchers / Rental Assistance in the community, and possibly consider more.”
Official title: Council approved the Land Use Incentive Grant application for for Cohen-Esrey Development Group at 157 New Leicester Highway
Carried unanimously
From the minutes: This motion was seconded by Councilwoman Mosley and carried unanimously.
Read the motion as recorded
“Councilwoman Turner moved to approve the Land Use Incentive Grant application for for Cohen-Esrey Development Group at 157 New Leicester Highway.”
Open the minutesMotion text in the minutes