Housing Trust Fund - The City of Asheville

What is the Housing Trust Fund (HTF)?

The Housing Trust Fund was established by the Asheville City Council in 2000 to fund the construction of affordable housing units in our community. Between 2001 and 2019, approximately 1300 units have been built using this funding source.

The Housing Trust Fund provides low-interest loans for a variety of projects that serve low- and moderate-income people. Projects may be rental or homeownership.

Current: Housing Trust Fund Policy – Adopted December 12, 2023

Applications are currently being accepted on a rolling basis, and will be reviewed by staff and presented to City Council as staff capacity and funding allow. Application materials and appendices are linked below.

HTF Application Materials

FY 2026 Housing Trust Fund Application
List of Attachments Needed (Resource Page for Applicants)
Housing Trust Fund Procedures and Guidelines

HTF Appendices

Appendix 1 – Affordable AMI Rents / HUD Utility Allowance (Excel)

Appendix 2 – Homeownership Expense Calculator with Formulas (Excel)

Appendix 3 – Energy Efficiency Items (Adobe PDF)

Application Appendix 4 – Scoring Criteria (Adobe PDF)

Application Appendix 5 – Rental Development spreadsheet (Excel)

Application Appendix 6 – Homeownership development spreadsheet (Excel)

Application Appendix 7 – Authorization to Release Information (Adobe PDF)

Application Appendix 8 – W9 Form (Adobe pdf)

Application Appendix 9 – Size and Price of Units Table (Excel)

Questions may be directed to the Affordable Housing Division at affordablehousing@ashevillenc.gov.

Eligible Uses

The Housing Trust Fund has a range of eligible uses including:

Acquisition of real property
Construction of new housing for sale or rental, including land acquisition and hard costs.
Conversion or adaptive reuse of existing non-residential structures for housing.
Purchase and rehabilitation of existing substandard multifamily housing units.
Purchase and rehabilitation or conversion of market-rate multifamily developments to affordable housing.
Manufactured housing and modular construction.
Down payment assistance loans

Housing Trust Funds are not available for individuals seeking to build or renovate their own home. Projects must be located within the Asheville City limits to be eligible for assistance.

Past Awards

On April 23, 2024, City Council reviewed 2024-25 HTF proposals and approved five projects for funding. Here is a summary of the five approved projects.

Development	No. of units	Loan Amount	Incomes Served	Affordability Term	Loan Terms
(1) Star Point Apts	60	$448,582	30-60% AMI	40 years	40-year maturity, 0% interest, deferred principle.
(2) Roers Affordable	126	$3,879,366	60% AMI	30 years	30-year term, 2% interest, deferred principle.
(3) Hospitality Houses	2	$ 40,000	60% AMI	10-15 years	3-year term, 2% interest
(4) Mountain Housing DPA	5	$300,000	80% AMI	10 years	40-year maturity, 0% interest
(5) AAHH DPA	4	$146,000	60% AMI	30 years	30-year term, 0% interest
Total	197	$4,813,948

Contact Information

Sasha Vrtunski, Affordable Housing Officer
svrtunski@ashevillenc.gov