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Council allocates $10 million of 2024 housing bond to WNC affordable housing loan fund; Self Help to administer loans
Summary
City Council approved a $10 million allocation of the 2024 voter-approved affordable housing bond to the Western North Carolina Affordable Housing Loan Fund administered by Self Help Ventures Fund; staff said the allocation will leverage other capital for multifamily affordable rental projects in Asheville.
City Council on Sept. 9 approved allocating $10 million of the voter-approved 2024 affordable housing bond to the Western North Carolina (WNC) Affordable Housing Loan Fund administered by Self Help Ventures Fund. The allocation is intended to provide low-cost, flexible gap financing to affordable multifamily rental projects within the city. Housing staff presented a bond-implementation strategy that proposes splitting the $20 million bond across several uses; council voted to place $10 million into the WNC…
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