One of the city’s more interesting experiments on affordable housing is dead.
Paul D’Angelo, the Director of Community Development for Asheville, told the city’s Housing and Community Development Committee meeting this week that far higher constructions costs have nixed the project. Construction costs have risen more than 15% in the last year, and as a result the developer cannot go forward with the units as previously priced.
The proposal in West Asheville would have provided one of the few opportunities for the city to address home ownership for lower income residents. It would have built 11 single family homes at $275,000, and 12 condos, six of them one-bedrooms at $199,00 and six two-bedrooms at $239,000.
A $1.1 million loan that was approved for the developer from the City’s Housing Trust Fund will now be returned to the fund. — Barbara Durr