Asheville Introduces Affordable Housing Initiatives

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 Launches New Affordable Housing Initiatives Amid Rental Crisis

Asheville is gearing up to tackle its ongoing rental crisis with the announcement of two affordable housing complexes poised to open soon, showcasing a mix of community-driven efforts and substantial financial backing. These developments represent a significant step towards meeting the growing demand for affordable living spaces in the area, as many residents struggle to find homes within their financial reach.

Starpoint Project Leads the Charge

Mountain Housing Opportunities (MHO) is on track to complete its $16 million Starpoint project, a 60-unit complex located on Restaurant Court off Tunnel Road. This project stands out as the first large-scale affordable housing initiative in Asheville since MHO’s last major endeavor over seven years ago. The range of rent prices at Starpoint will fall between $300 and $1,000, making it an essential option for those in need.

The Starpoint project is designed to include various unit types, such as studios, one-bedroom, and two-bedroom apartments, all consolidated within a single building. A particularly noteworthy aspect of this complex is its commitment to social impact: twelve of the units will be designated for young individuals transitioning out of foster care. The completion of construction is anticipated by next Spring, paving the way for residents to move in soon.

Additional Housing Developments in the Pipeline

MHO is not stopping at Starpoint. The organization has mapped out plans for two additional affordable housing projects in Arden and Waynesville, collectively adding more than 200 units to the affordable housing stock in the region. Moreover, city officials are working closely with Self-Help Credit Union to bring more developers on board for affordable housing initiatives. Included in these plans is a 40-unit complex, scheduled to debut in late 2023.

Meanwhile, Buncombe County Commissioners are advancing exciting plans for a new affordable housing development on Coxe Ave., which will feature 206 units tailored for households earning 80% or less of the area’s median income. This project comes with an estimated total cost of $74.5 million, illustrating the significant investment being made in affordable housing.

City Council Approvals and Financial Backing

In a recent city council meeting, a proposal to construct 126 affordable housing units on Brevard Road received approval. These new projects represent a portion of Asheville’s ambitious goal to build 14,000 rental units over the next 25 years. The latest initiatives are an important step in achieving that vision.

Financially, the city and county are joining forces with a combined contribution of $3.9 million and $6.5 million from trust fund dollars to help finance new affordable housing projects. It is noteworthy that approved developments will require apartments to remain affordable for a duration of 30 years, catering to residents who earn between 80% and 60% of the area’s median income.

A New Village in Swannanoa

In a heartening community initiative, Beloved Asheville is working on constructing a village of deeply affordable homes in Swannanoa. With at least 15 homes planned, this village aims to aid families who have suffered losses due to recent flooding. The non-profit has purchased nearly 9 acres of land situated in a non-flood zone specifically for this endeavor, focusing on supporting families that earn between 15% to 50% of the area median income.

Community support and donations will play a crucial role in funding and building these forthcoming affordable housing initiatives. As Asheville continues to face a pressing rental crisis, the collaboration between various organizations and the community becomes increasingly vital for ensuring that all residents have access to safe and affordable housing.

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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