[{"_1":2,"_111":-5,"_112":-5},"loaderData",{"_3":4,"_26":27},"root",{"_5":6,"_17":10,"_18":19,"_20":21,"_22":10,"_23":-5,"_24":-5,"_25":10},"user",{"_7":8,"_9":10,"_11":10,"_12":-5,"_13":-5,"_14":15,"_16":-5},"roles",[],"isAuthenticated",false,"isPremium","planName","subscriptionStatus","featureFlags",{},"insightsBudget","isDevelopmentHost","userPreferences",{},"recaptchaSiteKey","6LcvOJcUAAAAAHsB-gPGfGktcRlKpH7OTIU_dMTD","isImpersonating","impersonation","affiliateStatus","isFreedomPortal","routes/v2/article/layout",{"_28":29,"_30":31},"notFound",true,"relatedArticles",[32,75,87,99],{"_33":34,"_35":36,"_37":38,"_39":40,"_41":42,"_43":44,"_45":46,"_47":48,"_49":50,"_51":52,"_53":54,"_55":56,"_57":58,"_59":60,"_61":62,"_63":64,"_65":66,"_67":68,"_69":70,"_71":68,"_72":73,"_74":73},"mediaId",6455268,"mediaKeyId","5850693-bab54c8ba2bc723728c627f7e2db843f","parentId",5850693,"title","Subcommittee hears overview of low-income housing tax credits; two Buncombe-area projects noted","audioSeconds",352,"startMs",120000,"endMs",472000,"viewUrl","/Search/View?dp=1&key=5850693-bab54c8ba2bc723728c627f7e2db843f&start=120&end=472","thumbnailUrl","https://assets.pipeline.soar.com/5850693-bab54c8ba2bc723728c627f7e2db843f/thumbnail_120000.jpg","articleUrl","/articles/6455268/Buncombe-County/North-Carolina/Subcommittee-hears-overview-of-low-income-housing-tax-credits-two-Buncombe-area-projects-noted","mediaUrl","https://secure.pipeline.soar.com/6455268-976975fc08c00af5a7d16c2f7a871074/orig.mp4?Expires=1771140274&Signature=E7ASRzEpt9lJN8XRgOUo-o8w0HuCag29QU-AbVFOG3Jnbk2BRCmdpCsXfGs53A3OVT-6sMO7Guh44ZWcnjlblbn6meTifT4BTsvhtOAmcuNFRhgUEqRF8xWaEYYarb41mYXmpeDhl3R8UwtCGg4x5otQCT6ENfrYPieL7UonxP28gHxBij6WOkpT~u6glBlWyOUJs67ThWqA9QqmcT0m7B2I8ot01MODP4EqoFMlZbN8eU~lVOHC-GWWvCv9koz5~35fJsM7iO3GrInxIc~-v6eXr7YBLGLpiZ2QV0P8-A6-U939aPhQY88YVtBvLJNGz0dUkrw7PwrLk5cuCia3Eg__&Key-Pair-Id=KUT5TJCACFTXG","author","Buncombe County, NC","date","2025-09-29T17:05:16Z","article","The Buncombe County Affordable Housing Subcommittee heard a primer on the federal Low Income Housing Tax Credit program and an update on two local projects during its meeting.

Matt Card, presenter, told the panel that “the Low Income Housing Tax Credit is a federal program. It's a tool to incentivize affordable housing” and that the credit was created in 1986. He said the program is codified in Section 42 of the Internal Revenue Code and that tax credits are allocated to each state on a per-capita basis. Card explained that North Carolina's program is administered by the North Carolina Housing Finance Agency, which issues a Qualified Allocation Plan that sets priorities and application rules.

Card described the two primary federal credit types: 9% credits, which he said are competitive and typically reserved for new construction and deliver the highest subsidy (he characterized it as roughly 70 percent subsidy), and 4% credits, which are noncompetitive and typically produce a lower subsidy (he said up to about 30 percent). He also explained that tax credit equity is sold to investors over a 10-year period and that the equity pricing used in pro formas changes with the market.

On local projects, Card said recent North Carolina Housing Finance Agency awards included Pillows at Swannanoa, a 9% award that received the program's stated maximum award of $1,300,000, and Rocky River Apartments in the Woodfin area, a 4% project that the subcommittee reviewed during a prior housing strategy process.

The presenter noted compliance and use restrictions: a typical project has a 15-year compliance period followed by a 15-year extended use period (he said states may extend the period), tenant income limits tied to area median income, and program monitoring. Card described one qualification route as having at least 40 percent of units both rent-restricted and occupied by households earning 60 percent of AMI or less.

Subcommittee members asked about developer entry costs, application complexity under the Qualified Allocation Plan and the role of local capital stacking. Card said applications require many elements of a capital stack and that projects often rely on additional local or private funding sources for 4% projects to be feasible. He offered to return with more detail on developer requirements and capital-stack examples.

The presentation provided a technical overview of how tax-credit equity reduces financing costs and helps projects offer lower rents, and noted local award outcomes that county staff will monitor as the recovery and housing work proceeds.","mediaType","Video","parentTitle","Affordable Housing Subcommittee Meeting: September 2, 2025","oneSentenceSummary","A presenter reviewed the federal Low Income Housing Tax Credit program, how credits are allocated in North Carolina and two recent NCHFA awards affecting Buncombe County: Pillows at Swannanoa (9%) and Rocky River Apartments (4%).","taxTitle","Buncombe County, North Carolina","taxId",3914,"location","headline","","shortSummary",{"_33":76,"_35":36,"_37":38,"_39":77,"_41":78,"_43":79,"_45":80,"_47":81,"_49":82,"_51":83,"_53":84,"_55":56,"_57":58,"_59":85,"_61":62,"_63":64,"_65":86,"_67":68,"_69":70,"_71":68,"_72":73,"_74":73},6455256,"Votes at a glance: Subcommittee approves minutes and adjourns",30,32000,62000,"/Search/View?dp=1&key=5850693-bab54c8ba2bc723728c627f7e2db843f&start=32&end=62","https://assets.pipeline.soar.com/5850693-bab54c8ba2bc723728c627f7e2db843f/thumbnail_32000.jpg","/articles/6455256/Buncombe-County/North-Carolina/Votes-at-a-glance-Subcommittee-approves-minutes-and-adjourns","https://secure.pipeline.soar.com/6455256-3954f0a7a5c0ae302bd5499668b391a2/orig.mp4?Expires=1771140274&Signature=DwkjrEZv2EXsj-JZtBEFiUwcxw8ZQkjlYU0dqv2ocxVKk~KOQ2HIkvf3VXq7Y~hv1eGQUId1IvxCkdYNqZWyywZO9TWCq3-SloQeL6geSFjN5ft7AiUM1l7z2jcXX5EBMzKUm6nWsqV98RvRwjf3GVFMjs6cV9l7y8hzDacczezHmxwj2XvhEpQPGJhW0y6fzZ~HVLAn1goXsOMwr6qz3WP5eqZiIJM6qjFpanEk31cUg-6u1nXZBQOmjOaYYMai5Zn8CH~L855ua8QyawdHGTgkIacsE1nQ2T0QMkyhC6LYi2O20I2yQhFygXjSrW9tJU952ofcLku1RHYHp9H2Bw__&Key-Pair-Id=KUT5TJCACFTXG","The Buncombe County Affordable Housing Subcommittee recorded two formal motions during the meeting: approval of minutes from Aug. 5 and a motion to adjourn.

Megan, committee member, moved to pass the minutes from Aug. 5 \"as presented.\" The motion received a second and passed by voice vote. The chair announced, “Minutes from August 5 have been approved as presented.”

Near the meeting's end, a committee member moved to adjourn, the motion was seconded, and the subcommittee approved adjournment by voice vote. The chair announced the meeting was adjourned at 01:48.

No roll-call vote tallies were recorded in the transcript; outcomes were approved by unanimous voice vote as stated on the record.","The Affordable Housing Subcommittee approved minutes from the Aug. 5 meeting and subsequently moved to adjourn; both motions passed by voice vote.",{"_33":88,"_35":36,"_37":38,"_39":89,"_41":90,"_43":91,"_45":92,"_47":93,"_49":94,"_51":95,"_53":96,"_55":56,"_57":58,"_59":97,"_61":62,"_63":64,"_65":98,"_67":68,"_69":70,"_71":68,"_72":73,"_74":73},6455261,"Subcommittee reviews proposed Affordable Housing Service Program guideline changes and available funds",899,1771000,2670000,"/Search/View?dp=1&key=5850693-bab54c8ba2bc723728c627f7e2db843f&start=1771&end=2670","https://assets.pipeline.soar.com/5850693-bab54c8ba2bc723728c627f7e2db843f/thumbnail_1771000.jpg","/articles/6455261/Buncombe-County/North-Carolina/Subcommittee-reviews-proposed-Affordable-Housing-Service-Program-guideline-changes-and-available-funds","https://secure.pipeline.soar.com/6455261-ef691365848007616e929ce161a44301/orig.mp4?Expires=1771140274&Signature=TibPmpIbO30HoFoaJkrHxBsZsOcGVsVJRcyN2GQWJcIlSjnYaCE5D86o3bpUfORV12Vb3EfAZr8PQd2KJWyyO5tj09M4JV2vdfuzp1CAD4yJB-JG3nt1azMxcSv3qoLALLsSVWjxpA3p-oMEycT8GB2UmCWsKEl1gej4~7yr1DKk7mwrvWPGcKFW0E9ApTyYVs3-wMlc8vF4BIUgMl6HvpjP9LEhFwZlgzuoVAgvt-m0kPUOLlan3EynZkXyNV7USDZmMH3zolNxzKALCHnhijexSm9CJMXn7FXiHjE-UQNf3FmZ-Gz2QCo0OvuhRpLagcSf7ilOTib~cze-eEVfoQ__&Key-Pair-Id=KUT5TJCACFTXG","Buncombe County staff presented proposed administrative updates to the Affordable Housing Service Program (AHSP) guidelines and an accounting of currently available AHSP funds.

Jonathan Jones, staff member, walked the subcommittee through recommended clarifications and new language intended to reduce applicant confusion and align the program with development financing realities. Jones said the AHSP will continue to operate on a reimbursement basis and that staff added language to clarify that applicants cannot combine awards from multiple years to exceed a program maximum. He said applicants may request advance payments in specific cases where capacity building is necessary to deliver a project.

Jones explained proposed clarifications to eligible applicants, saying applicants may be for-profit entities, nonprofits or other legal forms and must indicate if the borrower entity will differ from the applicant. He also described limits on eligible reimbursable costs: the draft language would exclude property acquisition, purchase options or agreements, feasibility studies and other predevelopment costs from reimbursement until after a loan agreement is executed, while still allowing those costs to be included in application budgets for review.

On loan structure, Jones said the county's default has been recourse loans but noted that 4% low-income housing tax credit projects often require a nonrecourse permanent structure. He described an approach where the county issues a recourse loan during construction and converts to nonrecourse terms in the permanent phase so projects can use tax-credit partnership structures as intended.

Jones also described construction-term options including an existing five-year, fully amortizing construction term at 2 percent interest and a proposed option to allow nonprofit partners to request a 0 percent interest construction loan that would continue at 0 percent after the property transfers to an owner-occupant.

Regarding funds, Jones said there is roughly $399,000 in an unallocated portion of the FY23 budget, about $311,000 carried from FY25, and a little more than $450,000 from program income, for a combined AHSP pool of $1,162,161 available to designate to housing projects.

Subcommittee members asked whether proposed guideline changes would apply to projects already in the pipeline; Jones said the subcommittee would need to decide on retroactivity at a future meeting. He said staff plan to revisit the policy later this fall and, if the subcommittee recommends changes, present them to the full board for approval in the typical fall/winter application cycle.","Staff proposed administrative changes to the Affordable Housing Service Program guidelines, including reimbursement rules, loan structure options (recourse/nonrecourse), advance payments for capacity-building applicants, eligible applicant clarifications, and a small pool of available AHSP funds.",{"_33":100,"_35":36,"_37":38,"_39":101,"_41":102,"_43":103,"_45":104,"_47":105,"_49":106,"_51":107,"_53":108,"_55":56,"_57":58,"_59":109,"_61":62,"_63":64,"_65":110,"_67":68,"_69":70,"_71":68,"_72":73,"_74":73},6455265,"Buncombe County staff outline three housing projects in draft Helene recovery plan",1008,682000,1690000,"/Search/View?dp=1&key=5850693-bab54c8ba2bc723728c627f7e2db843f&start=682&end=1690","https://assets.pipeline.soar.com/5850693-bab54c8ba2bc723728c627f7e2db843f/thumbnail_682000.jpg","/articles/6455265/Buncombe-County/North-Carolina/Buncombe-County-staff-outline-three-housing-projects-in-draft-Helene-recovery-plan","https://secure.pipeline.soar.com/6455265-a94ec969b829909995a87aaf3e51f192/orig.mp4?Expires=1771140274&Signature=DO2Ox8B0cUJ1YgdZk9uiPUu81Tou1EyqXtvnGeCEiDnd5jE-ygu9HOEckUJx9zQVZaiXCdgyUjPmHKPt1s1bjRILM~52Zmuovp7w7HUoUr1a1SFYB4PySNVxDxcD9ymHbPRApySsyvZt9N5TTlpeDpvrf9i6TEj5idHpL6McU4~PmqPwQZY0DyOmW4W5Mvaw0zJhle124hX-3Vzz71oO3CjU25VyrZ8pPuui9Tan9T-g6MLJ3K5Ziay-5H9xD23FN6ZpxTIKMjDS-v37fYlUQqGReiFLmPkSYRn7WVjt7fV4CC0FiTHMOgdc4VkVHVh3IUG8LHEnMgDzeqJfTtZucg__&Key-Pair-Id=KUT5TJCACFTXG","Buncombe County staff presented the county's draft portion of the Helene recovery plan and described three housing-related projects the county expects to pursue if adopted.

Kathleen Blackney, Strategy and Innovation, told the Affordable Housing Subcommittee that the Helene recovery plan is a staff-developed list of projects recommended by FEMA and disaster experts to guide recovery after Tropical Storm Helene. “This is not a funding plan, and it's not an implementation plan,” Blackney said, noting the document lists projects the county expects it can reasonably deliver and that implementation, phasing and funding will come later.

Blackney said the draft county portion includes three housing projects: affordable housing development, down-payment assistance for low- and moderate-income households displaced by the storm, and a home-repair grant program focused on storm-related damage. She said the affordable housing development project encompasses three site-specific efforts — Cox Avenue, Ferry Road and Valley Street — and that efforts would include identifying qualified developers and leveraging Low Income Housing Tax Credits and community development block grant–disaster recovery (CDBG-DR) funds.

On down-payment assistance, Blackney said the county intends to target households at or below 80 percent of area median income that were permanently displaced by the storm and noted that applications for those funds would come to the subcommittee for review and recommendation to the full board. She described the home-repair project as a grant program that would assist low- and moderate‑income households with pre-repair and post-repair costs tied directly to storm damage and said staff expect to coordinate with state programs such as Renew NC and local nonprofit partners for referrals and implementation.

Blackney described extensive community outreach used to develop the plan: the county surveyed residents in April and May and said it received more than 2,600 responses gathered through mixed media outreach and in-person events across 13 ZIP codes. She said the draft plan will be shared at the board meeting on Sept. 16, opening a public comment period into early October, with the goal of adopting a final recovery plan in November.

Subcommittee members asked how coordination with municipalities and nonprofit partners will be maintained as projects move into implementation. Blackney said the draft plan notes lead entities by jurisdiction and that county staff have participated in housing recovery support function meetings and the long-term recovery group to coordinate with partners. Members asked follow-ups about capital stacking and how CDBG-DR funds and city entitlement dollars might interact; staff said some coordination questions remain and that they will continue to pursue clarity with state and municipal partners.

Blackney emphasized the draft plan's scope is county projects within Buncombe County's jurisdiction and that additional projects developed by Asheville and the county's five towns will be included in the full recovery plan presented during the public comment period.","County staff described three housing-focused projects in the draft recovery plan for Tropical Storm Helene: affordable housing development at three sites, a down-payment assistance program for displaced households, and a home-repair grant program.","actionData","errors"]

Article not found

Subcommittee hears overview of low-income housing tax credits; two Buncombe-area projects noted

Votes at a glance: Subcommittee approves minutes and adjourns

Subcommittee reviews proposed Affordable Housing Service Program guideline changes and available funds

Buncombe County staff outline three housing projects in draft Helene recovery plan