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Surge in tax‑credit and AHSP applications leaves Buncombe staff sorting $16M in requests
Summary
County staff reported North Carolina Housing Finance Agency received an unprecedented slate of applications and Buncombe County has multiple projects in the pipeline; the county’s AHSP program received 33 requests totaling just over $16 million and staff will review and return funding recommendations ahead of the budget cycle.
Jonathan (county staff presenter) told the Buncombe County Affordable Housing Subcommittee that the North Carolina Housing Finance Agency received an unprecedented 139 nine‑percent tax‑credit preliminary requests across 57 counties, with 122 construction and 17 rehabilitation applications, plus 56 tax‑exempt bond applications. He said Buncombe County was designated to receive at least one award in the application cycle and that the county will compete in the metro regional pool against roughly 39 other requests.
Jonathan said the county has seven nine‑percent projects and 16 four‑percent projects in the preliminary list; the seven nine‑percent projects could propose as many as 597 units, most outside city limits in areas where infrastructure is available. He described the NCHFA process: market studies and site scoring by the agency, a final application deadline of May 15, and awards typically announced in August or September.
On the county’s Affordable Housing Service Program (AHSP), Jonathan reported staff received 33 funding requests from 25 organizations (27 new projects, six continuing); those requests included 20 grant applications and 13 loan requests and together totaled just over $16 million. Staff has compiled a preliminary list of requested amounts, impacted units or households by project type, and plans to verify eligibility and completeness before recommending funding.
Jonathan summarized the county’s available balances: the AHSP fund balance was reported at $1,264,015 (including rescinded awards and program income); the county’s $40 million bond has approximately $9.9 million currently unallocated. He also noted projects previously discussed that carry county commitments or proposed commitments: Cox Avenue (county commitment cited at about $9.88 million, source not identified), Ferry Road ($5 million commitment, source not identified) and Valley Street (no county commitment reported).
Committee members asked about coordination with city recovery funds for projects within municipal limits; staff said they routinely reach out to city staff and will share application materials and analyses. Staff intends to review grant requests across March meetings, focus on loans later, and bring funding recommendations by the end of April so allocations can be considered in the county’s budget process.
No formal funding decisions were made at the meeting; staff will return with analyses and recommended allocations.
