March 12, 2024Asheville City Council
From the minutes, not yet reviewedCouncil approves issuing up to $23,500,000 multifamily housing revenue bonds to provide financing for Lakeshore Villas.
Council voted to approve issuing up to $23,500,000 multifamily housing revenue bonds to provide financing for Lakeshore Villas 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 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).
- What the City says it's for: “The project will consist of 3 buildings.”
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
- “There will be a mix of 1,2 and 3-bedroom units.”
- “All units will be set aside for individuals and families at 60% or less of Area Median Income (“AMI”).”
- “120 units of new housing affordable to households at or below 60% of AMI will be constructed..”
Official title: Resolution approving the issuance of up to $23,500,000 multifamily housing revenue bonds to provide financing for Lakeshore Villas 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 Turner and carried unanimously.
Read the motion as recorded
“RESOLUTION NO. 24-65 - RESOLUTION APPROVING THE ISSUANCE OF UP TO $23,500,000 MULTIFAMILY HOUSING REVENUE BONDS TO PROVIDE FINANCING FOR LAKESHORE VILLAS TO SATISFY SECTION 147(f) OF THE INTERNAL REVENUE CODE”
Open the minutesConsent agenda, item G