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 Welcomes New Affordable Housing Projects Amid Rental Crisis
Asheville is gearing up to tackle the ongoing rental crisis with the announcement of two new affordable housing complexes, marking a significant step toward alleviating the housing challenges faced by many residents. The projects will feature rental prices that remain below $900 a month, providing much-needed relief to those struggling with housing costs.
Starpoint Project Nears Completion
One of the standout initiatives is the Starpoint project, which is nearing completion and is backed by Mountain Housing Opportunities (MHO). This $16 million venture is set to offer 60 affordable housing units located on Restaurant Court off Tunnel Road. What’s notable about Starpoint is that it represents the first large-scale affordable housing project in Asheville in over seven years, since MHO’s last development.
The Starpoint project will include a diverse range of unit types, featuring studios, one-bedroom, and two-bedroom apartments all within a single building. Significantly, the initiative will reserve twelve units for young individuals transitioning out of foster care, ensuring that this vulnerable population receives the support they need.
With construction expected to be completed by next Spring, the project is funded through a combination of a $2.5 million low-interest loan from both the City of Asheville and Buncombe County, as well as a federal tax equity grant. This mix of funding sources emphasizes the collaborative effort being made to confront Asheville’s housing crisis.
Additional Projects in the Pipeline
In addition to Starpoint, MHO is already planning two other affordable housing projects in the nearby towns of Arden and Waynesville, which will collectively provide over 200 units. Asheville city officials are actively collaborating with Self-Help Credit Union to attract developers for further affordable housing initiatives, including a 40-unit complex expected to open by the end of 2023.
Buncombe County Commissioners are pushing forward with plans for another affordable housing development on Coxe Ave., which will feature 206 units affordable for households earning 80% or below the area’s median income. This ambitious project comes with an estimated total cost of $74.5 million and marks a significant investment in the community’s housing landscape.
Recently, the city council approved the construction of 126 affordable housing units on Brevard Road, further demonstrating Asheville’s commitment to increasing the availability of affordable rental options. The collective aim for the city is to construct a total of 14,000 rental units over the next 25 years, with these projects serving as important stepping stones towards that ambitious goal.
Funding and Long-Term Affordability
The funding for these approved projects is being sourced from $3.9 million and $6.5 million in respective contributions from the city and county trust funds. These developments will ensure affordability by restricting units to remain affordable for a period of 30 years, catering to residents who earn 80% and 60% of the area’s median income.
In a notable community-driven initiative, Beloved Asheville is constructing a village of deeply affordable homes in Swannanoa. Planned to support families who have lost everything due to recent flooding, the project aims to build at least 15 homes on nearly 9 acres of land that is located in a non-flood zone. These homes will be designed for families earning between 15% to 50% of the area median income.
Community donations and support play a crucial role in the financing and development of these impactful affordable housing initiatives. With ongoing collaboration among local organizations, government entities, and the community at large, Asheville is taking a significant approach to combat its rental crisis and improve living conditions for 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
