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Council approves additional $607,000 housing trust loan for Fair Haven Summit; project is 100% affordable
Summary
The council approved a $607,000 additional housing trust fund loan to Commonwealth Development for Fair Haven Summit (77 affordable units). City staff said the project has 20 project‑based vouchers and key program units and is already under construction.
The Asheville City Council on May 27 approved a request from Commonwealth Development for an additional $607,000 loan from the city’s Housing Trust Fund to complete Fair Haven Summit, a 77‑unit, 100% affordable housing project under construction at 1 Wayman Boulevard.
Staff said the project had previously received housing trust fund awards and a land‑use incentive grant; the new request covers a development gap created by storm‑related delays and design changes required by the North Carolina Housing Finance Agency. Sasha Ratonski of Housing and Community Development said the project is a 9% tax credit development, averages about 60% of area median income and includes 20 project‑based vouchers serving households at 30% AMI and nine units for the Key program serving people with disabilities.
Staff reported the total city housing trust fund contribution, if the new loan is approved, would be $1,482,000 — roughly $19,247 per unit on the housing trust fund portion — and that total local subsidy including the previously approved land‑use incentive grant would be higher per unit but consistent with comparable projects. The project is scheduled to finish construction in late October or November 2025, staff said.
Councilors asked questions about costs and long‑term affordability features; staff noted the developer’s capital stack includes county HOME funds, tax‑credit equity, a primary mortgage and deferred developer fee. The Housing and Community Development Committee recommended approval 3–0; council approved the additional loan by voice vote with no public opposition during the council discussion.
Developer representative Jonathan Nesberg said the project is being built to an Energy Star‑level efficiency and as a 100% electric development, allowing for future solar and renewable energy additions. Staff said the project supports council goals to expand rental housing affordable at 60% AMI and below and leverages federal vouchers and other subsidies to close the financing gap.
