Asheville City Council approves 162 affordable units development and $3M loan proposal

The Asheville City Council convened on June 24, 2025, to discuss significant developments in affordable housing and other community matters. A key focus of the meeting was a proposal for a new development project at 319 Biltmore, which aims to create 162 affordable housing units. This initiative is seen as a vital step in addressing the city's growing need for affordable housing options.

During the meeting, city officials highlighted the positive aspects of the development, noting that it aligns with the council's goals and has received unanimous support from the Housing and Community Development (HCD) committee. The proposal involves a ground lease of up to 99 years and a financial commitment from the city, including a $3 million loan to Laurel Street Residential, the developer, along with a tax grant of up to $100,000 per year for 20 years.

While the project promises to enhance the city's affordable housing stock, it also raises concerns about the depletion of the housing trust fund, which would be significantly impacted by this investment. City officials acknowledged that funding this project would limit resources available for other housing initiatives, particularly as additional funds would be needed for future phases of the development.

In addition to the housing proposal, the council addressed other administrative matters, including the reappointment of Amy Moxley and the appointment of Amy Garst to the Historic Resources Commission. Both appointments were approved unanimously, reflecting the council's commitment to maintaining strong oversight of the city's historical preservation efforts.

The meeting concluded with an opportunity for public comment, allowing community members to voice their opinions and concerns. This engagement underscores the council's dedication to transparency and community involvement in local governance.

Overall, the discussions during this city council meeting highlight Asheville's ongoing efforts to tackle affordable housing challenges while balancing financial constraints and community needs. As the council moves forward with these initiatives, the implications for residents and the broader community will be closely monitored.