Affordable Housing Funding Opportunities

Who are the eligible applicants?

• Private Incorporated non-profit agencies with IRS 501(c)(3) or similar designation
• Public non-profit agencies
  • Both types of applicants must specialize in working with homeless families or those at risk of homelessness. Furthermore, applicants must provide housing stabilization services and after placement follow up for clients

How can the Tenant-Based Rental Assistance Program be used?

• Funds to this support this program are aimed to ensure individuals and families under 80% AMI (adjusted for household size) have a home to live in. Through programmatic assistance, this grant can provide administrative and project delivery support for awarded applicants. The project delivery funds can be used for: security deposits, moving expenses, first month’s rent, and eviction prevention.

What are the spending parameters?

• Maximum assistance per household is $2,500. Where assistance exceeds $1,500, the assistance provided shall be to prevent eviction.

Who are the eligible applicants?

• Private Incorporated non-profit agencies with IRS 501(c)(3) or similar designation
• Public non-profit agencies
  • Both types of applicants must specialize in working with homeless families or those at risk of homelessness. Both entities must also provide housing stabilization services and after placement follow up for clients

How can the Construction Grant Program be used?

• The Construction Grant Program is used exclusively for unit construction. Programs for unit or household repair have their own program to apply for funds.

What are the spending parameters?

• There is a cap of $25,000 per non-revenue generating unit.

Where can I learn more?

For additional information about agreement and prioritization of project types in Buncombe County refer to our Affordable Housing Services Program Requirements and Guidelines here:

• Affordable Housing Services Program Description, Requirements and Guidelines

Who are the eligible applicants?

• For-profit corporations, partnerships, or sole proprietors
• Private incorporated non-profits with IRS 501(c)(3) or similar designation
• Public non-profit agencies
• All entities listed must have no financial interest in the unit(s) proposed for repair.

How can Emergency Repair grant be used?

• Repairs under $15,000
  • Emergency Repair funds must be used to benefit a household at or below 80% of the AMI adjusted for household size. The AMI limits that are applied will be the summary table HUD has published at the time of the RFP.
  • The applicant must have no financial interest in the in the unit(s) proposed for repair.
  • Funds can be used for repairs including households with life safety issue. Funds can also be used for retrofitting units for the needs of individual(s) with disabilities.
• Repairs at $15,000 and up to $25,000
  • Must be forgivable loan, secured with a Note and Deed of Trust which reduces $15,000 in year one and by $5,000 each successive year until such time as the loan if forgiven. The forgivable loan may be transferred to a new and verified income qualified household. If the eligible homeowner sells to a non-income qualified household or no longer occupies the unit during the repayment period, the balance of the note shall be due.
  • Emergency Repair funds must be used to benefit a household at or below 80% of the AMI adjusted for household size. The AMI limits that are applied will be the summary table HUD has published at the time of the RFP.
  • The applicant must have no financial interest in the in the unit(s) proposed for repair.
  • Funds can be used for repairs that include units with life safety issues. Funds can also be used for retrofitting units to the needs of individuals with disabilities.

Where can I learn more?

For additional information about agreement and prioritization of project types in Buncombe County, refer to our Affordable Housing Services Program Requirements and Guidelines here:

• Affordable Housing Services Program Description, Requirements and Guidelines

Who are the eligible applicants?

• Private Incorporated non-profit agencies with IRS 501(c)(3) or similar designation
• Public non-profit agencies
  • The applicant may only request funding a single time for a specific new start program.

How can the New Start Program grant be used?

• The New Start Program grant is used to support costs associated with the development and implementation of an innovative new program that provide opportunities for safe & affordable housing for families in need across Buncombe County. Funding uses can include both administrative and program implementation costs.

What are the spending parameters?

• Eligible applicants can receive a maximum of $50,000 to support their program with New Start grant funds.

Where can I learn more?

For additional information about agreement and prioritization of project types in Buncombe County, refer to our Affordable Housing Services Program Requirements and Guidelines here:

• Affordable Housing Services Program Description, Requirements and Guidelines

Who are the eligible applicants?

• Private Incorporated non-profit agencies with IRS 501(c)(3) or similar designation
• Public non-profit agencies

How can the Administrative Support Program grant be used?

• Costs associated with administrative activities including specific project management, oversight, and coordination and may be for personnel, non-personnel, direct or indirect expenses. Administrative activities should support affordable and safe housing for healthy and thriving families and neighborhoods and have a measurable and identifiable impact on affordable housing goals and objectives.

What are the spending parameters?

• Eligible applicants can receive a maximum of $50,000.00 to support their program with Administrative Support Program grant funds

Where can I learn more?

• For additional information about agreement and prioritization of project types in Buncombe County refer to our Affordable Housing Services Program Requirements and Guidelines here.

Who are the Eligible Applicants?

• For-profit corporations, partnerships, or sole proprietors
• Private incorporated non-profits with IRS 501(c)(3) or similar designation
• Public non-profit agencies

How can the Construction Loan be used?

The Affordable Housing Services Program’s Construction Loan can be used for the following activities:

• Affordable unit construction
• Infrastructure improvements
• Professional services
• Cost of permitting

What are the Loan Amounts?

• Generally, the maximum loan amount is 10% of the cost per affordable unit. For conversion construction the cost per unit will be based on a licensed contractor’s estimates of the required repairs to bring the building up to code (this also includes service delivery and administrative costs in the estimates).
• If the project is a 4% low-income housing tax credit project, loan amounts can become a maximum 20% of the per unit cost. For conversion construction, the cost per unit will be based on a licensed contractor’s estimates of the required repairs to bring the building up to code (this also includes service delivery and administrative costs in the estimates).
• Construction that is solely targeting households less than or equal to 30% AMI may request the maximum loan amounts of 10% or 20% prescribed here.

What are the terms and Interest rates?

• Units for sale have a term of 5 years or until the property is transferred or sold, whichever occurs first. Fully amortizing at an interest rate of 2.00%
• Units for rent with standard terms and interest rates may request from among the following standard terms and interest rates
  • 7-year term, fully amortizing at an interest rate of 2.50%, annual principal and interest payment;
  • 10-year term, fully amortizing at an interest rate of 2.75%, annual principal and interest payment;
  • 15-year term, fully amortizing at an interest rate of 3.25%, annual principal and interest payment; or
  • 20-year term, fully amortizing at an interest rate of 3.75%, annual principal and interest payment.
• Applicants providing units for rent may request option to finance the loan with interest only and principal balloon payment, provided the applicant demonstrates the need for such term for project viability at the time of the application. Applicants may request from among the following interest only payments with principal balloon
  • 7 year term, at an interest rate of 3.00%, annual interest payment and principal balloon;
  • 10 year term, at an interest rate of 3.25%, annual interest payment and principal balloon;
  • 15 year term, at an interest rate of 3.75%, annual interest payment and principal balloon; or
  • 20 year term, at an interest rate of 4.25%, annual interest payment and principal balloon.
• Applicants providing units for rent have the option to finance interest-only payments from cashflow with principal balloon under the following requirements: (1) is pursuing low-income housing tax credits and/or is a project targeting households at less than or equal to 30% AMI; (2) indicates that such terms are desired at the time of application; and (3) demonstrates a need for such terms for project viability. An applicant may request the following interest only payments from cashflow with principal balloon:
  • 20 year term, at an interest rate of 2.00%, annual interest payment from cashflow with principal balloon.

Additional information

For additional information about Construction Loans in Buncombe County, refer to our Affordable Housing Services Program Requirements and Guidelines here:

• Affordable Housing Services Program Description, Requirements and Guidelines

Who are the eligible applicants?

• For-profit corporations, partnerships, or sole proprietors
• Private incorporated non-profits with IRS 501(c)(3) or similar designation
• Public non-profit agencies
  • All applicants must either coordinate a homebuyer’s education course or require participants complete a homebuyer’s education course.

How can the Downpayment Assistance Loan be used?

• The Downpayment Assistance Loan can be used to help individuals and families who are income eligible, with a household income at or below 80% the Area Median Income (AMI) adjusted for household size. Additionally, the loan must benefit the homebuyers that have completed a homebuyer’s education course. Finally, the loan must be used for an affordable unit for sale.

What are the terms and interest rates?

• The Downpayment Assistance Loan is a non-forgivable loan with a 0.00% interest rate with a term that is due under the following circumstances: the homeowner no longer lives in the unit, sells the unit, or refinances the unit.
• This loan is secured with a lien on the property being assisted, provided the County takes or shares a first lien position, or where the County accepts a second lien position, subject to the amount of loan funds financed.

Additional information

For additional information about Downpayment Assistance Loans in Buncombe County, refer to our Affordable Housing Services Program Requirements and Guidelines here:

• Affordable Housing Services Program Description, Requirements and Guidelines

What is Community-Oriented Development?

• The Community-Oriented Development (COD) program is available to developers through the Buncombe County Zoning Ordinance. This program awards significant density bonuses, up to 250%, for developments that include affordable and middle-income housing in their design. Developers must include other features and amenities alongside the provision of affordable and middle-income housing, recognized through the three categories of sustainability.

How do I qualify?

• Community-Oriented Development determines density increases based on a score card that is centered around three categories of sustainability: community, environment/transit, and economy. The way developments can garner points is varied but must be spread across the three categories. To learn more about Community-Oriented Development, please view the Community-Oriented Development scoring card.

How do I apply?

To learn more about how you can qualify and apply for Community-Oriented Development, for your development contact the Planning Department.

• Phone: Planning Main 828-250-4830
• Email: planning.info@buncombecounty.org