As work wraps up from $74 million in bonds that voters approved in 2016, the Asheville City Council is considering putting another slate of bonds before voters next year. While no specific dates have been mentioned, it is anticipated that the proposed 2024 bonds will come before council for approval sometime this fall.
“The city would benefit by (1) selling the condos and getting repaid most or all of its investment and (2) using the sales proceeds to fund other housing options.”
“Using very simple math, you can see how unrealistic these goals are!”
According to Matthew Cable, Buncombe’s community development division manager, the county unsuccessfully applied for the same funding last year. The county Board of Commissioners will hold a public hearing on the grant during its meeting Tuesday, Aug. 16.
Over the 30-day period that began Feb. 27 and runs through March 26, the city and county are planning to issue a total of nearly $233 million in debt. With so much funding set to flow into local coffers, Xpress looked at what goes into a local government credit ratings and their influence on money management.
Jessica Morriss, Asheville’s assistant director of transportation, explained that the higher costs were primarily driven by federally mandated door-to-door paratransit service for residents with disabilities. The remaining transit budget gap, she said, was due to higher-than-expected prices for fuel and electricity to power city buses.
“Instead of begging developers to make 20% of their units affordable, we can build the amount we need, and keep them affordable indefinitely.”