May 27, 2025Asheville City Council
From the minutes, not yet reviewedWhat it does
Approves Commonwealth Development’s request for an additional Housing Trust Fund loan of $607,000 to construct 77 new affordable apartments.
- Passed. Everyone present voted yes.
- Who it's for: Households earning 60% to 80% of the area median income: $61,440 to $81,920 a year for a family of four (HUD's 2026 income limits for tax-credit housing in the Asheville area).
- What the minutes say it will do: “The project will have 77 total units affordable to families at 30%, 50%, 70%, and 80% of the area median income (AMI), with a 30-year affordability period.”
- The money, in the minutes' words: “Commonwealth Development Corporation (CDC) of Middleton, WI, has requested an additional $607,000 HTF loan for Fairhaven Summit, for a total amount of $1,482,000 in HTF loans.”
More from the minutes
- “The project is currently under construction and is slated for completion at the end of November 2025.”
- “The project will support the construction of 77 affordable apartments for families with an affordability period of 30 years.”
- “This project aligns with the City of Asheville’s Consolidated Plan goals of prioritizing rental housing affordable to 60% AMI and below.”
Official title: Council approved Commonwealth Development’s request for an additional Housing Trust Fund loan of $607,000 to construct 77 new affordable apartments
Carried unanimously
From the minutes: This motion was seconded by Councilwoman Turner and carried unanimously.
Read the motion as recorded
“Councilwoman Roney moved to approve Commonwealth Development’s request for an additional Housing Trust Fund loan of $607,000 to construct 77 new affordable apartments.”
Open the minutesMotion text in the minutes