March 11, 2025Asheville City Council
From the minutes, not yet reviewedWhat it does
Approves issuing up to $1,000,000 multifamily housing revenue bonds to provide financing for batter…
- Passed with the routine items, in one vote, without discussion.
- The money, in the minutes' words: “Therefore, Battery Park (TC2) Senior Housing Limited Partnership (the “Borrower”) requests City Council approval for the Asheville Housing Authority (the “Issuer”) to issue an additional amount of $1,000,000 in multifamily housing revenue bonds for the acquisition and rehabilitation of Battery Park Apartments.”
- Why it matters: Bonds are loans the City pays back over many years, with interest.
More from the minutes
- “Battery Park is a 100% subsidized senior housing community for residents aged 62 and older, located at 1 Battle Square in downtown Asheville, consisting of one, 14-story building with 122 affordable apartments (113 one-bedrooms and 9 two-bedrooms).”
- “The building was originally constructed in the early 1920s as the Battery Park Hotel and underwent an extensive adaptive reuse in the 1980s to allow for affordable housing.”
- “122 units of affordable senior housing will be preserved and renovated.”
Official title: Resolution approving the issuance of up to $1,000,000 multifamily housing revenue bonds to provide financing for batter Park 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. 25-59 - RESOLUTION APPROVING THE ISSUANCE OF UP TO $1,000,000 MULTIFAMILY HOUSING REVENUE BONDS TO PROVIDE FINANCING FOR BATTER PARK APARTMENTS TO SATISFY SECTION 147 (F) OF THE INTERNAL REVENUE CODE”
Open the minutesConsent agenda, item R