Hilliard Avenue affordable housing project to move forward under new agreement

TEST Affordable housing photo illustration

 

Asheville City Council on June 11 voted to sell City land at 360 Hilliard Ave. in support of an affordable housing/mixed use residential development. This vote will add 34 new affordable apartments in our community, in a downtown location close to jobs and community amenities.

 

Local developer Kassinger Development Group is working with the City on an affordable and mixed income residential project on City-owned land at 360 Hilliard Ave. Kassinger has worked on multiple projects in the community,  including The Retreat at Hunt Hill Apartments, Weirbridge Village Apartments and Audubon Place Apartments.

 

Getting an affordable housing development off the ground is complex. The City and Kassinger have had to re-work the details of project multiple times to overcome the challenges of putting together a public-private partnership for affordable housing. The new agreement includes the following terms:

 

  •         The 360 Hilliard Ave. development will be an affordable and mixed-income rental community of 86 units with 34 affordable units. Of those, 18 units would be set aside for 60% Area Median Income (AMI) households and 16 units for 80% AMI households.
  •         The site is expanded to 1.75 acres.
  •         The City will sell the parcel for $475,000, which is a discount from market value
  •         $1.4 million will be available from the City’s Housing Trust Fund loan
  •         $560,043 will be available from the Land Use Incentive Grant
  •         The developer will install a public parking lot at the rear of the tennis courts, with the City to pay for half of the construction costs.
  •         The developer will install the trailhead and approximately 400 feet of the Bacoate Branch Greenway as well as the associated stormwater improvements.

 

The affordable units will be available to individuals and families ranging in income from $27,900 (single person) to $42,500 for a family of two. Rental rates for the affordable units are currently estimated at $650 to $900 per month based on income.  

 

Council’s June 11 resolution authorizes the City Manager to execute the new agreement, under the new terms. The City of Asheville continues to build partnerships — with nonprofit, mission driven, tax credit and for-profit developers — to produce, preserve and protect affordable housing.  Kassinger Development Group is ready to begin construction in late summer.

 

Find the staff report and Council resolution related to this project at this link.

 

Asheville AMI