Buncombe affordable housing projects could cost $79M, raising questions about funding
ASHEVILLE - The Buncombe County Affordable Housing Subcommittee reviewed six applications seeking $21 million in affordable housing construction loans and grants during its April 16 meeting.
The projects come as the subcommittee could soon consider funding for two major Buncombe County affordable housing projects in the 2025 fiscal year, said Community Development Division Manager Matthew Cable.
Loans and grants for affordable housing development in Buncombe County are processed through the Affordable Housing Services Program, which helps developers and nonprofits bring affordable housing to the Asheville-Buncombe area.
The total request for AHSP loans and grants for fiscal year 2025 is currently $39 million, according to meeting notes.
This does not include additional funding for the Coxe Avenue and Ferry Road affordable housing projects, which would require "strategic" funding solutions as the 2022 housing bond dries up, Commission Chair Brownie Newman said during the meeting.
Buncombe County voters approved a $40 million bond for housing in 2022, but current requests combined with funding for the two major county affordable housing projects are estimated to be $73 to $79 million, according to Buncombe County meeting documents.
"Some of these strategic funding questions are going to arrive sooner than the commission might be anticipating," Newman said.
What projects are being considered?
The projects discussed during the meeting could bring up to 379 new affordable housing units below or equal to 80% area median income if approved.
Here is a list of the six projects currently being considered and how much they are asking for:
319 Biltmore Apartments: $1.9 million
Asheville Buncombe Community Land Trust: $1.3 million
Lofts at Swannanoa: $379,787
Pine Lane: $8.6 million
Rock Hill Place: $200,000
Rocky River Apartments: $8.8 million
Asheville-Buncombe Community Land Trust asks for $1.3 million grant
One proposal from the Asheville-Buncombe Community Land Trust aims to double its permanently affordable single-family homes in the area. The land trust had 16 homeownership applicants in 2023, according to the ABCLT's 2023 annual report.
The project application indicates ABCLT would build or buy 20 single-family homes that would be permanently affordable at 60% area median income. In 2024, Buncombe County's family median income is currently $86,100, according to the U.S. Department of Housing and Urban Development, making Buncombe County's 60% AMI around $51,660.
The application is seeking a $1.3 million grant from Buncombe County. The total project would cost $5.2 million, according to meeting documents.
The land trust has sold two homes under the homeownership program so far, the Asheville-Buncombe Community Land Trust Executive Director Anna Zuevskaya told the Citizen Times April 16.
Bigger requests, more units
Included in the presentation of applicants was the 319 Biltmore Avenue project, which is seeking a $1.9 million loan from Buncombe County to help build its 221 market-rate and affordable apartments, with 67 units deemed affordable below 80% AMI.
Roers Companies has requested a $8.6 million loan to build 126 units of affordable housing off of Pine Lane near Brevard Road. The development would target those earning 60% area median income. The project is estimated to cost $45 million, according to meeting notes.
Fitch Irick Development has requested a $8.8 million loan from the county to build Rocky River Apartments in Woodfin. The developer would build 120 units, with current AMI targets ranging from 80% to 30% AMI. An estimated 64 units would target those at 60% AMI.
Another project is looking for funding to establish more senior affordable housing.
The Lofts at Swannanoa is seeking $379,787 to help build 52 units of affordable housing that are dedicated to those who are above the age of 55. A majority of the units would target those earning between 60-30% AMI, according to meeting documents.
The Lofts at Swannanoa will seek the approval of the Buncombe County Board of Adjustment during the April 17 special Board of Adjustment meeting.
Commissioners did not vote on the projects during the April 16 meeting but are expected to make funding recommendations on the proposals during an April 23 Affordable Housing Committee meeting.
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Will Hofmann is the Growth and Development Reporter for the Asheville Citizen Times, part of the USA Today Network. Got a tip? Email him at [email protected]. Please help support this type of journalism with a subscription to the Citizen Times.
This article originally appeared on Asheville Citizen Times: Buncombe County housing projects could cost $79M, more funding needed
