Asheville Regional Housing Consortium – July 22, 2024

Asheville Regional Housing Consortium Meeting Recap – July 22, 2024

The Asheville Regional Housing Consortium (ARHC) convened virtually on July 22, 2024, to address key matters related to regional housing assistance programs. The meeting primarily focused on finalizing an updated recapture policy, a critical step in ensuring the effective and compliant management of down payment assistance and shared appreciation programs within the region. In addition to policy discussions, the ARHC also addressed leadership roles by appointing a new Vice Chair.

The central topic of discussion was the proposed update to the ARHC’s recapture policy, which governs how funds are managed and repaid in programs that provide down payment assistance or utilize a shared appreciation model. This policy had previously undergone review by the City Attorney, Janet Fashley, and received valuable feedback from Mountain Housing Opportunities (MHO), the organization responsible for administering down payment assistance programs. These reviews led to minor adjustments in language, aiming for greater clarity and adherence to legal requirements. During the meeting, ARHC staff presented the revised policy, outlining key elements such as full recapture of assistance upon sale or transfer, a shared appreciation component where a portion of the home’s value increase is returned to the program, and safeguards ensuring repayment only occurs if there are proceeds from the sale, protecting homebuyers.

Following a brief discussion, the ARHC members unanimously approved the updated recapture policy. This signifies an important step forward in providing a clear and consistent framework for managing housing assistance programs, aligning them with U.S. Department of Housing and Urban Development (HUD) guidelines. Alongside the policy update, a key leadership decision was made: Ricky Hurley was unanimously selected as the new Vice Chair of the ARHC, demonstrating a commitment to strong leadership within the consortium. The minutes from the July 8th meeting were also approved without any changes.

While the meeting was streamed live and offered a phone-in option for public listening, no direct public comments were received during this session. This indicates a focus on internal discussions and policy finalization among ARHC members. The approved recapture policy will now be incorporated into the FY24-25 annual action plan, further solidifying its implementation.

The updated recapture policy approved at this meeting is significant for residents as it directly impacts the accessibility and sustainability of down payment assistance programs. By ensuring compliance with HUD regulations, the ARHC aims to protect homebuyers and maintain the integrity of these vital resources. Residents interested in learning more about the meeting can access a recording by calling 855-925-2801 and entering meeting code 8763, or by visiting the ARHC’s website where the meeting was streamed.