ASHEVILLE - A 100% affordable housing development has been approved for 2236 U.S. 70 in Swannanoa. The development will dedicate all of its units to housing those above the age of 55.
The new development, named "The Lofts at Swannanoa," is a 52-unit affordable housing development proposed by the Vance County-based developer WDT Development. The developer had previously worked on other senior affordable housing projects like "The Villas at Swannanoa," which is located across the street from the site of the new development.
All 52 of the new development's units will be offered to those who are 55 and older. About half of the units will be offered to those who are U.S. Department of Housing and Urban Development housing choice voucher holders, according to planning documents.
The development was approved 6-1 during the April 17 Buncombe County Board of Adjustment meeting. Board member Damien Vacaflor cast the sole vote against the project. Vacaflor had concerns about parking, as the development requests a 30% decrease in parking from Buncombe County standards.
Approximately 18 of the units are expected to be offered at 80% area median income, or $52,350 for one person in the Asheville metropolitan statistical area, according to 2024 estimates from the U.S. Department of Housing and Urban Development . The units are guaranteed to be affordable for 30 years, Drake said.
"We need all the affordable housing we should get our hands on," said WDT Development's Stephen Drake, "especially for seniors."
The project is expected to cost nearly $15 million, according to an April 16 Buncombe County affordable housing subcommittee presentation.
The rest of the units will be offered to those earning between 60% and 30% AMI. Currently, HUD estimates 50% AMI for the Asheville Metropolitan Area is $32,700.
The Lofts at Swannanoa has also applied for a $379,787 loan from the Affordable Housing Services Program. The Buncombe County Commissioners Affordable Housing Subcommittee is expected to make recommendations on the applications during an April 23 Affordable Housing Committee meeting.
Along with the Villas at Swannanoa and the Mountain Housing Opportunities developed East Haven Apartments, the new the Lofts at Swannanoa will be the third affordable housing complex near Franklin Road and US 70 in Swannanoa.
Application for standing approved,
One application for legal standing against the development was submitted by Mitchell Penley, a neighboring landowner. Those who may suffer damages from the development can apply for legal standing during a Board of Adjustment meeting.
After being granted standing, Penley pointed to long-term sewer system problems in the area. He believes more issues will come as the developer "adds more impermeable surface" to the area, as Franklin Road, adjacent to the development, already floods after a hard rain. Penley also raised worries about increased crime and traffic.
Edmund Mascitelli, a local property owner, spoke as a witness on the worries of traffic, describing traffic near the Lofts at Swannanoa site a bit like "playing chicken."
Drake committed to addressing the issues regarding stormwater runoff, which he said had been taken into consideration by WDT Development's engineers. Drake also said that in his experience senior affordable housing developments have less traffic.
"We're gonna be there for 30 years. We do want to treat people with respect and do the right thing," Drake said during the meeting.
The new project in Swannanoa applied for a competitive 9% Low-Income Housing $1.3 million Tax Credit through the North Carolina Housing Finance Agency, Drake said.
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Will Hofmann is the Growth and Development Reporter for the Asheville Citizen Times, part of the USA Today Network. Got a tip? Email him at WHofmann@citizentimes.com. Please help support this type of journalism with a subscription to the Citizen Times .
This article originally appeared on Asheville Citizen Times: Asheville-area 100% affordable senior housing development approved by Buncombe County
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