Asheville Regional Housing Consortium – July 8, 2024
July 8, 2024 at 1:32 PM
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Event Recap
Asheville Regional Housing Consortium Meeting Recap – July 8, 2024
The Asheville Regional Housing Consortium (ARHC) convened virtually on July 8, 2024, to discuss crucial updates regarding housing funding and policy. This meeting focused on how the ARHC will allocate federal resources to address the region’s ongoing housing challenges, particularly the need for affordable rental options and down payment assistance programs. The meeting was attended by board members representing various stakeholders within the region, all working towards solutions to housing affordability issues.
A significant portion of the meeting centered on recommendations for allocating over $1 million in "Home" funds, a federal program dedicated to affordable housing initiatives. Following review by a working group supported by Training Development Associates (TDA), the board overwhelmingly prioritized the "Apple Ridge Affordable Housing" project, a development by the Housing Assistance Corporation. This project, slated to provide 60 affordable rental units, was deemed a top priority due to its advanced stage of development and secured funding from other sources. While three additional projects from WDT and Pivotal Development were considered, their earlier stage of development means they will be revisited later pending the outcome of tax credit applications. A notable shift in strategy was announced: the ARHC will communicate to the U.S. Department of Housing and Urban Development (HUD) their commitment to dedicating funds for affordable rental housing construction, with Apple Ridge as the initial focus.
Another key discussion revolved around updates to the ARHC's Annual Action Plan, specifically concerning a “recapture policy” related to down payment assistance programs. This policy dictates how the city recovers funds invested in these programs, and is currently undergoing revisions to align with a partnership with Mountain Housing Opportunities (MHO). The current policy has been flagged by HUD, prompting the need for adjustments to ensure compliance. A proposed "shared appreciation" model was presented, which would allow the city to recoup a portion of its investment if property values increase over time. This approach aims to replenish funds for future down payment assistance programs, a critical need given Asheville’s rapidly changing housing market. However, after receiving feedback from MHO highlighting the need for substantial changes and legal review, the board decided to postpone approval of the policy.
There was no public comment offered during this meeting, meaning there were no direct citizen voices heard regarding these important decisions.
Looking ahead, the ARHC has several key action items. The board will schedule a follow-up meeting soon to finalize the recapture policy, incorporating feedback from MHO and ensuring legal compliance. Citizens interested in learning more about these developments are encouraged to monitor the City of Asheville's website for updates on both the finalized recapture policy and future funding decisions. The ARHC’s focus on prioritizing Apple Ridge demonstrates a commitment to expanding affordable rental housing options, while the ongoing work with MHO aims to strengthen down payment assistance programs and support homeownership opportunities for Asheville residents.