The City of Asheville Housing Trust Fund (HTF) exists to support the development and preservation of affordable housing within the city. The HTF provides financial assistance in the form of loans to developers and nonprofit organizations to help create and preserve affordable housing units.
On April 23, Asheville City Council reviewed 2024-25 HTF proposals and approved five projects for funding. Here is a summary of the five approved projects.
| Development | No. of units | Loan Amount | Incomes Served | Affordability Term* | Loan Terms |
|
60 | $448,582 | 30-60% AMI | 40 years | 40-year maturity, 0% interest, deferred principle. |
|
126 | $3,879,366 | 60% AMI | 30 years | 30-year term, 2% interest, deferred principle. |
|
2 | $ 40,000 | 60% AMI | 10-15 years | 3-year term, 2% interest |
|
5 | $300,000 | 80% AMI | 10 years | 40-year maturity, 0% interest |
|
4 | $146,000 | 60% AMI | 30 years | 30-year term, 0% interest |
| Total | 197 | $4,813,948 |
BACKGROUND
Established in 2000, the HTF is administered by the City of Asheville’s Affordable Housing Division. The fund receives its revenue from a variety of sources, including developer contributions, fees, taxes, and private donations. Since its inception, the HTF has funded a wide range of affordable housing projects, including the construction of new units, rehabilitation of existing units and providing rental assistance to low-income residents.
“The goal of the Housing Trust Fund is to ensure that people of all income levels have access to safe, decent, and affordable housing in the City of Asheville,” said Sasha Vrtunski, Affordable Housing Officer with the Community Development Division. “By providing financial assistance to developers, the HTF helps to create and preserve affordable housing options for low- and moderate-income families, seniors, and individuals with disabilities, among others.”
For more information, visit the Housing Trust Fund page on the City of Asheville’s website.
Written by the City of Asheville.