News Summary
Asheville is addressing its rental crisis with new affordable housing projects, including Starpoint, offering units under $900. These initiatives aim to provide over 200 housing units for low-income residents and assist those transitioning from foster care. Alongside city collaborations, the projects also receive funding support to ensure long-term affordability and community engagement in reducing housing shortages.
Asheville Unveils New Affordable Housing Initiatives to Combat Rental Crisis
As Asheville grapples with a pressing rental crisis, plans for two new affordable housing complexes have emerged, promising rents under $900 per month. Mountain Housing Opportunities (MHO) is nearing the completion of a significant $16 million project called Starpoint, which features 60 units located on Restaurant Court off Tunnel Road. This initiative marks the first large-scale affordable housing project to be undertaken in Asheville in over seven years, with rent prices ranging from $300 to $1,000.
Starpoint will house studios, one-bedroom, and two-bedroom apartments, all situated within a single building. Notably, twelve of these units have been earmarked for young individuals transitioning out of foster care, helping to address the specific needs of vulnerable populations. The construction of Starpoint is expected to reach completion by next Spring.
This essential project has received funding through a mixture of financial support, including a $2.5 million low-interest loan from the City of Asheville and Buncombe County, along with a federal tax equity grant. Furthermore, MHO has set plans into motion for another two affordable housing projects, which will collectively provide over 200 units in nearby Arden and Waynesville.
In a concerted effort to bolster the affordable housing landscape, city officials are collaborating with Self-Help Credit Union. This partnership is aimed at attracting developers to initiate further housing projects, including an upcoming 40-unit complex expected to open by late 2023. Moreover, Buncombe County Commissioners are actively advancing plans for a new affordable housing development located on Coxe Ave. This forthcoming project is set to deliver 206 units specifically designed for households earning 80% or less of the area median income, with an estimated total development cost of $74.5 million.
Recent city council meetings have yielded approval for the construction of 126 affordable housing units on Brevard Road. These initiatives align with Asheville’s ambitious goal of building 14,000 rental units over the next 25 years, reflecting a significant step towards addressing the ongoing housing shortage.
To support these developments, the city and county are pooling resources from their respective trust funds, contributing a total of $3.9 million and $6.5 million to ensure the new affordable housing projects can proceed. The approved developments will include safeguards to keep the apartments affordable for a duration of 30 years and aim to serve individuals and families earning between 60% and 80% of the area median income.
In addition to these projects, a non-profit initiative known as Beloved Asheville is spearheading the construction of a village comprising deeply affordable homes in Swannanoa. Aiming to accommodate families who have faced significant hardships due to recent flooding, this project is planned to include at least 15 homes. The non-profit has purchased nearly 9 acres of land situated in a non-flood zone, with a commitment to serve families earning between 15% to 50% of the area’s median income.
Community involvement through donations and support is deemed crucial for the successful funding and realization of these new affordable housing initiatives. Residents are encouraged to engage in the ongoing efforts to address the pressing need for affordable housing in Asheville, making a positive impact in the lives of many who seek stable and accessible homes.
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Additional Resources
- WLOS: Affordable Housing Projects in Asheville
- WLOS: Buncombe County Reveals Plans for Affordable Housing
- WLOS: New Affordable Housing Project in East Asheville
- NC Newsline: Affordable Housing Bond Decisions
- Google Search: Affordable Housing Asheville
Author: Construction FL News
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