ASHEVILLE, N.C. (WLOS) — Asheville is tweaking its requirements for developers and hoping to get taxpayer subsidies in return for providing affordable housing in the city.
The city council voted unanimously at its Nov. 10 meeting to amend the City of Asheville Land Use Grant Policy.
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The updated policy will now require 20% of units in new developments be reserved for people making 80% or less of the area median income, instead of the previous 10% of units being reserved.
It's a decision builders will have to abide by if they are looking to get tax reimbursement grants from the city's Land Use Grant Incentive program.
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"In general, we are grateful for our development partners. We think a lot of them can do 10% of the units affordable at 80% of the median income, and they can do that on their own, but when you’re getting up to 20% of the units affordable we usually find that developers are going to need some kind of subsidy and assistance," said Paul D’Angelo, community development plan director for the City of Asheville.
"That’s why this policy is open to the developer if they bring us 20% of the units affordable at or below 80% median income," D'Angelo added.
D'Angelo said in the last twelve months the city has had at least three developers reach out to it about creating a partnership, so the city is hopeful this initiative will work.