Due to construction cost increases that made rentals infeasible, the Kassinger Development Group proposed a for-sale condo plan. Of 64 total units, 33 would be affordable, with the city providing support through a $1.28 million Housing Trust Fund loan and a $375,000 discount on the land itself.
If City Council votes to approve the proposed Charlotte Street Improvement Project, the road would be cut from four car lanes to three, making room for dedicated bike lanes and pedestrian improvements. Should Council approve the plan, bidding for construction is projected to begin this winter, with construction to start next spring or summer and finish by fall.
The Land Use Incentive Grant point maximum will increase from 140 to 200, with every 10 points worth a rebate of one year of city property taxes above a property’s pre-development total. But developers will also face stricter conditions when applying for LUIG money: The minimum period for which a project must guarantee affordable housing will increase from 15 to 20 years.
The second in a three-part series on innovative models for promoting affordable homeownership sponsored by the city of Asheville focused on housing cooperatives. The May 4 education and information event provided perspectives from national experts as well as representatives of the Dulce Lomita Mobile Home Cooperative in Asheville.
While 2016 statistics show increasing availability in the area’s rental housing market, Asheville renters say their choices remain limited and prices steep. Several city initiatives — including a $25 million affordable housing bond referendum approved by voters in November — aim to bolster the supply of affordable housing, while some private-sector players are pursuing similar goals.
Asheville’s housing affordability crisis has received a lot of attention, but solving the problem demands a wide range of solutions. One set of initiatives is looking at ways private real estate investors focused on building smaller, more affordable homes to ease the housing crunch.
The Housing Authority of the City of Asheville learned on Monday that it won’t get nearly $17 million of tax credit financing to support the planned redevelopment of the Lee Walker Heights public housing community — at least not this year.
The quest for affordable housing: an introduction to the essay project and the Bowen study showing the problems Asheville and surrounding communities face on the affordable housing question, by Tracy Rose. The following essays are part of a series in which local experts were asked: “What would it take to solve the Asheville area’s affordable […]