Buncombe County subcommittee recommends funding plan for Cox Avenue and Ferry Road, reviews six AHSP applications
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Summary
The Buncombe County Affordable Housing Subcommittee reviewed six new‑construction AHSP applications totaling about $8.6 million in local requests for roughly 655 proposed units and moved to recommend funding levels and loan terms for Cox Avenue and Ferry Road to the full Board of Commissioners for final approval.
The Buncombe County Affordable Housing Subcommittee reviewed six new‑construction applications for the county’s Affordable Housing Service Program (AHSP) and moved to recommend funding levels and loan terms for the Cox Avenue and Ferry Road projects to the full Board of Commissioners.
Jonathan, a staff presenter, told the subcommittee that staff received the six applications in January and had been reviewing capital stacks and site scores. “We have six applications that we will be reviewing today … totaling a little more than $8,600,000 in affordable housing service programming requests, and the total number of units proposed here comes to 655,” Jonathan said. He walked the panel through each application’s financing summary and the program’s eligibility limits.
The subcommittee heard detailed staff analyses of each project. Mossy Rock Terrace, a proposed 72‑unit development in Candler by Lowcountry Housing and Communities, requested $4,300,000 from AHSP — a sum Jonathan said “actually exceeds the program limit for new construction projects,” which is calculated as 10% of the cost to produce each affordable unit. Staff identified three changes that could bring the application into alignment with program rules: higher tax‑credit pricing, adding a nonprofit partner to pursue a property tax exemption, and deferring a larger share of the developer fee. Staff said the subcommittee could recommend a loan in the $1.9 million to $2.3 million range if those adjustments are achieved.
District East Commons, a proposed 93‑unit senior project, requested roughly $697,500 and received the top site score in its category. Staff noted the project plans to leverage vouchers for about 18 units and recommended either adjusting replacement reserves or structuring interest‑only loan payments to close the funding gap if those conditions are acceptable to funders.
Other projects reviewed included Alta Valley Trace (presented as revised from 120 to 93 units late in review), Sweet and Grass Trace (a 4% tax‑credit applicant with a site score of 67 of 68 requesting $750,000), multiple Taft/TAPS Mills applications (each requesting about $750,000), and an 80‑unit Hilliard Flats application that staff described as having an incomplete or unclear capital stack. For several projects, developers had submitted additional requests to city CDBG programs after the county application; staff said those late changes could materially affect feasibility but had not been fully reviewed prior to the meeting.
Matt Cable presented the Cox Avenue and Ferry Road funding request and outlined why the subcommittee’s recommendation was time‑sensitive: applicants needed commitment letters in hand to submit final Low‑Income Housing Tax Credit applications in May. Cable described Cox Avenue as the highest‑scoring 4% application in the county pool and summarized available county funding scenarios and possible additional general‑fund allocations to meet commitments.
A member moved to approve the subcommittee’s recommendations as presented; another member seconded. The panel approved the motion by voice vote, with members saying “aye,” and staff stressed that the subcommittee’s action creates a recommendation for the full Board, which will consider the final budget and allocations during the county’s budgeting process.
Jonathan also announced an open RFP (approximately $5 million in foundation funding) for partners developing housing for people experiencing housing instability and repeated incarceration, with an application deadline listed in the meeting as April 15 and an online information session scheduled. Staff said the next subcommittee meeting will be held in a new basement meeting room and that directions would be circulated.
The subcommittee adjourned at 2:02 p.m.
What’s next: The subcommittee’s funding recommendations for Cox Avenue and Ferry Road will be forwarded to the Board of Commissioners during the budget process; individual projects that staff could not recommend may revise and resubmit applications once outstanding capital‑stack items and eligibility questions are resolved.
