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County staff outline funding gaps for Cox Avenue and Ferry Road affordable housing projects
Summary
Community Development staff told commissioners Cox Avenue (203 units) and Ferry Road (200 family + 70 senior units) are moving through city review while county commitments total roughly $9.8M (Cox) and $5M (Ferry); funding gaps of about $17.1M (Cox) and $16.5M (Ferry) remain pending LIHTC and CDBG-DR awards.
Community Development staff updated the Board on two large affordable housing proposals—Cox Avenue and Ferry Road—saying both projects are 100% affordable and are advancing through the City of Asheville’s review processes while multiple funding sources are being pursued.
Matt Card said Cox Avenue (203 units at 80% AMI or less) operates under a memorandum of understanding with development partner Harmony Housing, has passed the City’s Technical Review Committee and is scheduled for Design Review and then Planning & Zoning, with City Council review expected in late April. Ferry Road includes separate family (200 units) and senior (70 units) components; both are proposed as 100% affordable units.
Jonathan Jones presented preliminary county commitment figures—about $9.8 million for Cox Avenue and $5 million for Ferry Road—and identified additional estimated gaps of roughly $17.1 million for Cox and $16.5 million for Ferry Road. He explained the projects are applying for combined funding through the North Carolina Housing Finance Agency low-income housing tax credits (4% credits) and the state’s CDBG-DR multifamily program; full applications are due May 15 and awards are expected in August or September under an unusually competitive cycle.
Jones said the statewide demand for 4% tax credits has grown, triggering a more competitive review that will use criteria similar to the 9% process; Buncombe County alone submitted 16 4% projects this cycle, a significant share of the statewide pool and a factor that will increase competition for scarce CDBG-DR and tax-credit dollars.
Commissioners asked about contingency plans and how to close the funding gaps; staff said development partners will pursue additional sources, and that county affordability-program funds and any awarded CDBG-DR allocations could be used to close gaps. Staff also noted the City of Asheville will consider a limited $10 million pool of CDBG-DR multifamily awards; Cox Avenue requested $10 million and Ferry Road projects requested $13.5 million in the city application.
Next steps: full LIHTC/CDBG-DR applications due May 15, City of Asheville funding decisions in early to mid-April for the local CDBG-DR allocation, and state Housing Finance Agency award decisions anticipated in late summer.
