Down from 460 homes in November 2014, only 63 houses listed at less than $200,000 were available for sale in Buncombe County as of July 2019. Median rental costs in the area have also increased at a 5.4% annual rate over the same period.
Asheville City Council will be asked to add its piece of a $39.7 million redevelopment puzzle on Tuesday evening. The 2016 General Obligation Housing Bond will provide $1.82 million, while $1.38 million will come from the city’s general fund and $1 million will be spent from the Affordable Housing Capital Improvement Program.
The $1.4 million program, unanimously approved by Council members at their Feb. 26 meeting, offers no-interest loans of up to $40,000 for low- and moderate-income borrowers to make down payments on single-family residences within Asheville city limits.
The three parcels currently being considered for affordable housing are on South Charlotte Street, where the city currently has its Public Works Garage and Fleet Management facilities; on Biltmore Avenue at the old Matthews Ford site and on Riverside Drive at the “Ice House.” Up to 550 new affordable rental units could be developed.