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 Amid Rental Crisis
Amid a pressing rental crisis, Asheville is set to welcome two new affordable housing complexes, both featuring rents under $900 a month. These developments aim to alleviate financial burdens on residents in a market increasingly marked by rising housing costs.
Starpoint Project: A Milestone for Affordable Housing
Mountain Housing Opportunities (MHO) is nearing the completion of the Starpoint project, a significant step in affordable housing initiatives, with an investment of $16 million. Located on Restaurant Court off Tunnel Road, Starpoint comprises 60 units and represents the first large-scale affordable housing project in Asheville since MHO’s last development over seven years ago.
The Starpoint project offers a variety of housing options, including studios, one-bedroom, and two-bedroom apartments, all within a single building structure. Notably, 12 of these units will be specifically allocated for young individuals transitioning out of foster care, providing critical support to a vulnerable population.
The overall construction of Starpoint is projected to reach completion by next Spring, making it a timely addition as the city grapples with housing affordability challenges. The financing for this project relies on a combination of funds, which include a $2.5 million low-interest loan from the City of Asheville and Buncombe County, along with a federal tax equity grant.
Additional Projects in the Works
Beyond Starpoint, MHO is planning further affordable housing projects that will yield more than 200 additional units in Arden and Waynesville. This is in conjunction with efforts from city officials who are collaborating with Self-Help Credit Union to attract developers for more affordable housing solutions. Among these initiatives is a planned 40-unit complex expected to open in late 2023.
Furthering these efforts, Buncombe County Commissioners are advancing a new development on Coxe Avenue geared towards providing 206 units for households earning 80% or less of the area’s median income. The total estimated cost for this critical project is approximately $74.5 million, reflecting the city’s commitment to expanding affordable housing options for its residents.
City Initiatives and Funding Strategies
Recent approvals by the city council include the construction of 126 affordable housing units on Brevard Road. These projects are aligned with Asheville’s ambitious goal of constructing 14,000 rental units over the next 25 years, aiming to address the growing need for affordable housing.
The financial backbone for these affordable housing developments stems from a synergistic funding effort between the city and the county. Together, they are pooling resources of $3.9 million and $6.5 million from trust fund allocations to support these new initiatives.
Importantly, the approved projects will enforce restrictions to ensure that these apartments remain affordable for 30 years, with rental rates targeted for residents at 80% and 60% of the area median income. This long-term affordability commitment is integral to sustaining options for low and moderate-income families.
Support for Flood-Affected Families
In a separate initiative, the not-for-profit organization Beloved Asheville is embarking on a unique project to build a village of deeply affordable homes in Swannanoa. At least 15 homes are planned to accommodate families who recently suffered losses due to flooding. To ensure that these families are not placed in high-risk areas, the initiative involves the acquisition of nearly 9 acres of land outside of flood zones.
This village specifically targets families earning between 15% to 50% of the area median income, underscoring a strong commitment to supporting the community at all income levels. The development is reliant on community donations and support, highlighting the importance of collective efforts in tackling Asheville’s housing challenges.
As Asheville moves forward with these initiatives, the focus remains steadfast on enhancing housing affordability and addressing the urgent needs of its residents.
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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
