by Brooke Randle
Earlier this year, members of Asheville City Council named affordable housing a top priority for the city. And during its meeting of Aug. 23, Council put that priority into practice by voting unanimously to back two projects that promise to add more than 100 affordable units to the city’s housing supply.
While both projects aimed to increase affordable housing, they differed in their approaches to securing city support. The first, proposed by Charlotte-based developer Laurel Street Residential, will be subsidized by a $1 sale of 5.5 acres originally purchased by the city for $5.3 million in 2020. With 65 affordable units to be built, that support works out to roughly $81,500 per unit, higher than the $80,000 per unit cap set by Asheville’s Land Use Incentive Grant program.
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