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Subcommittee urged to recommend $14.8M in county funding and loans for Cox Avenue and Fairy Road projects
Summary
Staff asked Buncombe County's Affordable Housing Subcommittee to recommend loan and funding levels to the Board to support two large multifamily projects (Cox Avenue and Fairy Road). Staff proposed designating bond and program‑income funds, adding $3,592,357 from general funds, and making a $9.8M loan to Cox Avenue and a combined $5M loan to Fairy Road to enable LIHTC applications.
County staff presented an update on Cox Avenue and Fairy Road development projects and asked the Affordable Housing Subcommittee to recommend funding levels and loan terms to the Board so developer applications to the North Carolina Housing Finance Agency (NCHFA) and layering of CDBG‑DR funds could proceed.
Staff said Cox Avenue (county property at 5052 Cox) is proposed for redevelopment with Harmony Housing under a memorandum of understanding; the current proposal is roughly 203 units, weighted toward one‑bedroom units and incomes under 60% area median income. Urban Atlantic is the development partner identified for Fairy Road, which includes a family LIHTC component of about 200 units…
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