April 11, 2023Asheville City Council
From the minutes, not yet reviewedCouncil approves the issuance by the Housing Authority of the City of Asheville of up to $11,855,000 of multifamily housing revenue bonds.
Council voted to approve the issuance by the Housing Authority of the City of Asheville of up to $11,855,000 of multifamily housing revenue bonds to provide financing for Laurel Wood Apartments to satisfy Section 147(f) of the Internal Revenue Code.
- Passed with the routine items, in one vote, without discussion.
- 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).
Still pending, in the minutes' words: “Staff notes that approval does not obligate the City in any way to issue or pay for the bonds, or for any debt taken on by the developer.”
What that means
- Consent agenda:
- Routine items Council approves together in one vote, without discussion. Any member can pull an item out for its own vote.
- Bonds:
- Bonds are loans the City pays back over many years, with interest.
More from the minutes
- “The existing 51 units are all one-bedroom and are located within one building that was built in 1999.”
- “The 54 new units will be located in a new building to be constructed on site and will include 42 one-bedroom units and 12 two-bedroom units.”
- “All 105 units in the development will be rent and income restricted at 40,50,60 and 80% of area median income.”
Official title: Resolution approving the issuance by the Housing Authority of the City of Asheville of up to $11,855,000 of multifamily housing revenue bonds to provide financing for Laurel Wood Apartments to satisfy Section 147(f) of the Internal Revenue Code
Carried unanimously, as part of the consent agenda
From the minutes: This motion was seconded by Councilwoman Ullman and carried unanimously.
Read the motion as recorded
“RESOLUTION NO. 23-77 - RESOLUTION APPROVING THE ISSUANCE BY THE HOUSING AUTHORITY OF THE CITY OF ASHEVILLE OF UP TO $11,855,000 OF MULTIFAMILY HOUSING REVENUE BONDS TO PROVIDE FINANCING FOR LAUREL WOOD APARTMENTS TO SATISFY SECTION 147(f) OF THE INTERNAL REVENUE CODE”
Open the minutesConsent agenda, item H