Asheville City Council Agenda – New Business B – Resolution granting a Housing Trust Fund loan to Mountain Housing Opportunities for the purchase of property at 16 Restaurant Court

This is a resolution to authorize an $850,000 Housing Trust Fund loan to Mountain Housing Opportunities for the purpose of purchasing land for affordable housing. The project will build 50-60 new affordable rental apartments in close proximity to Tunnel Road, with convenient access to jobs, transit, grocery stores, and other retail. It will have an affordability mix for households at or below 60% Area Median Income (AMI) with a number of units at 50%, 40% and 30% AMI or below. The project will also have 20% of the units (10-12) reserved for young adults aging out of foster care.

We flagged this item last week when it was on the agenda for the Housing and Community Development Committee. We continue to appreciate the leadership of Council Member Antanette Mosley in pushing for this initiative and were glad to see Vice-Mayor Sheneika Smith join her in voting for this initiative to be brought to the full Asheville City Council for approval.