During the Asheville City Council Agenda Briefing on May 22, 2025, significant discussions centered around a development project aimed at increasing affordable housing in the area. This project, which was awarded 9% tax credits in February 2022, will provide a total of 77 affordable housing units, with most units targeted for individuals earning 60% or less of the area median income (AMI). This aligns with the city council's ongoing commitment to address housing affordability.

Currently under construction, the project is expected to be completed by November 2025. However, the council is now considering an additional loan from the Housing Trust Fund due to financial challenges exacerbated by Tropical Storm Helene, which has caused delays and increased costs. The council previously approved a total of $875,000 in loans for this project, with an additional request for $607,000 on the table, bringing the total Housing Trust Fund loan to approximately $1.4 million.

The financial breakdown indicates that the city’s investment represents about 10% of the project's total cost, with a subsidy of $19,000 per unit from the Housing Trust Fund. When factoring in other funding sources, the total subsidy rises to about $32,000 per unit. The Housing and Community Development Council Committee has already voted in favor of this additional funding, reflecting a strong push to ensure the project continues despite the financial hurdles.

This meeting highlighted the city's proactive approach to tackling the affordable housing crisis, emphasizing the importance of continued investment in such developments to meet community needs. As the council moves forward, the approval of the additional funding will be crucial in bridging the financing gap and ensuring the timely completion of this essential housing project.