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Council committee recommends approval of additional loan for Fairhaven Summit; city interest totals about 10% of project cost
Summary
Council staff and committee members discussed a request to add $607,000 in Housing Trust Fund (HTF) loan to the Fairhaven Summit affordable housing project, bringing the city's HTF support to $1.4 million and the combined per-unit subsidy to about $32,000.
City staff told the Asheville City Council on May 22 that Fairhaven Summit, an affordable housing development currently under construction, is requesting an additional $607,000 loan from the city's Housing Trust Fund to fill a financing gap caused in part by delays and cost escalation after Tropical Storm Helene.
Ben Woody, assistant city manager, told council the development was awarded 9% tax credits in February…
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