Buncombe County bond oversight committee reviews housing and open-space allocations, plans new debt sale

The Buncombe County General Obligation Bond Oversight Committee on Wednesday reviewed updates to the bond dashboard, heard detailed status reports on affordable-housing and open-space projects and discussed a possible new debt issuance and an additional match request for conservation easements.

Staff introduced the bond dashboard and said it is live and updating; committee members praised the interface but asked for clearer dollar labels on pie charts. The committee approved the meeting agenda and, after a minor spelling correction to a member’s name, approved minutes from the November meeting by voice vote.

Matt Cagle, a housing program presenter for the county, summarized the affordable-housing portfolio and the program’s income rules. "We follow state statute for area median income. So everyone has to be at 80% area median income or lower," Cagle said. He added that awardees to date average closer to 60% AMI and that projects must report units separately if a development mixes units above and below the 80% threshold.

Cagle gave a funding-status breakdown: about 26% of bond funds have been both contracted and expended, roughly 11% are obligated under contract but not yet expended, about 36% are allocated but not yet contracted, leaving roughly 25% unallocated. He identified Redwood Commons as the project that moved from allocated to contracted since the last meeting and said it has submitted reimbursement requests.

On unit counts, Cagle said the portfolio currently shows about 246 units allocated but not yet under construction and roughly 450 units under construction, "altogether, that is 696 units from the roughly $30,000,000 worth of bond funding," he said. He noted the county’s largest need is for one- and two-bedroom units, which are more common in urban projects.

Open-space staff reported 62% of open-space bond funds allocated, approximately 5% expended, and a small percentage issued for debt costs. The presenter said the county closed on Deaver View Mountain last week and now owns the property, and that development funds will be used for park access and amenities. The presenter also said two conservation easements were recently added — Duck Branch ($155,000) and Light Center Nature Preserve (about $328,000) — totaling about $483,000 in additional expenditures.

Open-space staff said they have approached the Board of Commissioners to request an additional $2,000,000 from remaining bond funds to serve as match for an agricultural growth zone grant; if approved, that match could double funds available for conservation easements, staff said.

Finance staff reviewed debt activity under the 2022 authorization and said the county is working a new debt deal not to exceed $36,000,000, with rating-agency meetings complete and an expected closing in late May.

On auditing, staff said the annual audit was completed on time with no bond-related findings. Staff also previewed that the affordable-housing committee will recommend allocations to the Board of Commissioners for several upcoming projects, including Cox Avenue and Ferry Road developments, and noted 33 partner applications currently request roughly $16,000,000 in funding.

Looking ahead, staff said county commissioners have engaged The Trust for Public Land for technical assistance and may decide this year whether to pursue a 2026 voter referendum to continue bond funding for affordable housing and open space; staff said calendar timelines for placing a measure on the November ballot likely require commission action around June.

The committee set its next meeting for Wednesday, July 29 at 3:30 p.m. and noted a current vacancy for the Greenway and Parks position. The meeting adjourned by voice vote.