NC Commerce allocates $2.5M for ABCCM housing project post-storm restoration

The Affordable Housing Committee Meeting for Buncombe County, North Carolina, held on June 3, 2025, focused on significant updates regarding funding and project developments in the region's affordable housing sector.

The meeting commenced with a report from a representative discussing the recent award of an additional $2.5 million in funding, supplementing a previous $1 million allocation. This funding is aimed at supporting the Veterans Restoration Quarters project, which was severely impacted by a recent storm. The representative highlighted the collaboration with NC Commerce, which is facilitating the rebuilding efforts and enhancing transitional housing options for women and mothers recovering from substance use. The project is expected to provide 32 out of 64 planned units, with an environmental review set to be submitted shortly.

Following this update, Jonathan presented on the Affordable Housing Service Program (AHSP) extensions. He noted that the item was initially categorized as new business but was more of an administrative update regarding the fiscal year 2025 awards. Due to challenges faced over the past nine months, particularly from Tropical Storm Helene, extensions were granted for various grant programs. The committee is now considering a six-month extension for several projects, allowing them until December 31, 2025, to finalize their loan commitments.

Key projects discussed included Laurelwood, which is working on 104 units with an $800,000 loan, and Redwood Commons, a 70-unit project that has received over $1.8 million in funding. Both projects are in the process of closing their financing. Additionally, Rocky River, developed by Fish Erick, is planning to close on a 20-unit project with over $8.7 million in funding later this fall, although they are currently addressing environmental review issues related to local bat habitats.

The meeting concluded with an appreciation for the presenters and their updates, emphasizing the ongoing efforts to enhance affordable housing in Buncombe County. The committee's next steps will involve monitoring the progress of these projects and ensuring that the extended timelines are met.