On July 1, Asheville released updated area median income figures. AMI is used to calculate the maximum allowable rents for developers to qualify for subsidies under the city’s affordable housing programs, including the Housing Trust Fund and Land Use Incentive Grants. The Housing Trust Fund provides low-interest loans, while the Land Use Incentive Grants provide property tax rebates.
According to the new tables, the “low moderate income” threshold of 80% AMI equates to $45,000 for a single person and $64,250 for a family of four. Apartments designated as affordable for that income level must charge no more than $1,205 per month for a one-bedroom unit and $1,446 per month for a two-bedroom (both with utilities included).
The updated statistics can be accessed at avl.mx/bu2.
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