Council approves $2.05 million of housing trust loan and conditional zoning for Pine Lane 126‑unit affordable project

The Asheville City Council on Feb. 25 approved two linked actions to advance a 126‑unit affordable housing development known as the Pine Lane project: (1) authorization to use $2,050,000 of a previously approved $3,879,000 housing trust fund loan toward land acquisition, and (2) approval of a conditional zoning (CZ) permitting the proposed multifamily development with conditions including a 30‑year affordability restriction at 60% of area median income (AMI) and an added requirement for a fence on the southern portion of the site.

Sasha Bertinsky, representing city housing staff, told council that council previously approved a $3,879,000 loan in April; the developer requested use of $2,050,000 of that allocation to fund the land purchase because the property owner was not willing to extend their contract. Bertinsky said land acquisition is an eligible expense for the housing trust fund and that the city would hold a deed restriction and remain in first position on the land until…