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1 | CITY OF ASHEVILLE APPENDIX 1 - | |||||||||||||||||||||||||||
2 | 2024 AREA MEDIAN INCOME (AMI) AFFORDABILITY REQUIREMENTS & RENTS FOR | |||||||||||||||||||||||||||
3 | ASHEVILLE PROGRAMS LIKE HOUSING TRUST FUND (HTF) & LAND USE INCENTIVE GRANT (LUIG) | |||||||||||||||||||||||||||
4 | (Effective April 1, 2024) | |||||||||||||||||||||||||||
5 | ||||||||||||||||||||||||||||
6 | 2024 INCOME LIMITS SUMMARY* | 2024 UTILITY ALLOWANCE (ELECTRIC, WATER, SEWER, TRASH)** | ||||||||||||||||||||||||||
7 | ||||||||||||||||||||||||||||
8 | Household Size | Extremely Low Income (30% AMI) | Very Low Income (50% AMI) | Low Income (60% AMI)* | Low Moderate Income (80% AMI) | Moderate Income (100% AMI)* | High Moderate Income (120% AMI)* | Unit Size | Utility Allowance | Electric | Water | Sewer | Trash | |||||||||||||||
9 | One-person | $19,650 | $32,700 | $39,263 | $52,350 | $65,438 | $78,525 | Efficiency/Studio | 167 | 84 | 26 | 34 | 23 | |||||||||||||||
10 | Two-person | $22,450 | $37,400 | $44,850 | $59,800 | $74,750 | $89,700 | One Bedroom | 179 | 94 | 27 | 35 | 23 | |||||||||||||||
11 | Three-person | $25,820 | $42,050 | $50,475 | $67,300 | $84,125 | $100,950 | Two Bedroom | 229 | 124 | 36 | 46 | 23 | |||||||||||||||
12 | Four-person | $31,200 | $46,750 | $56,100 | $74,800 | $93,500 | $112,200 | Three Bedroom | 274 | 151 | 44 | 56 | 23 | |||||||||||||||
13 | Five-person | $36,580 | $50,450 | $60,563 | $80,750 | $100,938 | $121,125 | Four Bedroom | 320 | 178 | 53 | 66 | 23 | |||||||||||||||
14 | Six-person | $41,960 | $54,200 | $65,063 | $86,750 | $108,438 | $130,125 | |||||||||||||||||||||
15 | Seven-person | $47,340 | $57,950 | $69,563 | $92,750 | $115,938 | $139,125 | |||||||||||||||||||||
16 | Eight-person | $52,720 | $61,700 | $74,063 | $98,750 | $123,438 | $148,125 | |||||||||||||||||||||
17 | ||||||||||||||||||||||||||||
18 | ||||||||||||||||||||||||||||
19 | MAXIMUM PROGRAM RENTS (80% AMI) (Low Moderate) | |||||||||||||||||||||||||||
20 | ||||||||||||||||||||||||||||
21 | Unit Size | Max Rent w/ utilities included | Utility Allowance | Max Rent / tenant paid utilities | Max Rent / landlord pays W,S,T | |||||||||||||||||||||||
22 | Efficiency/Studio | $1,309 | 167 | $1,142 | $1,225 | |||||||||||||||||||||||
23 | One Bedroom | $1,402 | 179 | $1,223 | $1,308 | |||||||||||||||||||||||
24 | Two Bedroom | $1,683 | 229 | $1,454 | $1,559 | |||||||||||||||||||||||
25 | Three Bedroom | $1,944 | 274 | $1,670 | $1,793 | |||||||||||||||||||||||
26 | Four Bedroom | $2,169 | 320 | $1,849 | $1,991 | |||||||||||||||||||||||
27 | ||||||||||||||||||||||||||||
28 | ||||||||||||||||||||||||||||
29 | MAXIMUM PROGRAM RENTS (60% AMI) (Low Income) | |||||||||||||||||||||||||||
30 | ||||||||||||||||||||||||||||
31 | Unit Size | Max Rent w/ utilities included | Utility Allowance | Max Rent / tenant paid utilities | Max Rent / landlord pays W,S,T | |||||||||||||||||||||||
32 | Efficiency/Studio | $982 | 167 | $815 | $898 | |||||||||||||||||||||||
33 | One Bedroom | $1,051 | 179 | $872 | $957 | |||||||||||||||||||||||
34 | Two Bedroom | $1,262 | 229 | $1,033 | $1,138 | |||||||||||||||||||||||
35 | Three Bedroom | $1,458 | 274 | $1,184 | $1,307 | |||||||||||||||||||||||
36 | Four Bedroom | $1,627 | 320 | $1,307 | $1,449 | |||||||||||||||||||||||
37 | ||||||||||||||||||||||||||||
38 | ||||||||||||||||||||||||||||
39 | ||||||||||||||||||||||||||||
40 | ||||||||||||||||||||||||||||
41 | MAXIMUM PROGRAM RENTS (HACA Voucher Holder) (VPS) (60% Low Income) *** | |||||||||||||||||||||||||||
42 | ||||||||||||||||||||||||||||
43 | Unit Size | Max Rent w/ utilities included | Utility Allowance | Max Rent / tenant paid utilities | Max Rent / landlord pays W,S,T | |||||||||||||||||||||||
44 | Efficiency/Studio | $1,713 | 167 | $1,546 | $1,629 | |||||||||||||||||||||||
45 | One Bedroom | $1,795 | 179 | $1,616 | $1,701 | |||||||||||||||||||||||
46 | Two Bedroom | $2,016 | 229 | $1,787 | $1,892 | |||||||||||||||||||||||
47 | Three Bedroom | $2,592 | 274 | $2,318 | $2,441 | |||||||||||||||||||||||
48 | Four Bedroom | $3,421 | 320 | $3,101 | $3,243 | |||||||||||||||||||||||
49 | ||||||||||||||||||||||||||||
50 | ||||||||||||||||||||||||||||
51 | MAXIMUM PROGRAM RENTS (100% AMI) (Moderate Income) | |||||||||||||||||||||||||||
52 | ||||||||||||||||||||||||||||
53 | Unit Size | Max Rent w/ utilities included | Utility Allowance | Max Rent / tenant paid utilities | Max Rent / landlord pays W,S,T | |||||||||||||||||||||||
54 | Efficiency/Studio | $1,636 | 167 | $1,469 | $1,552 | |||||||||||||||||||||||
55 | One Bedroom | $1,752 | 179 | $1,573 | $1,658 | |||||||||||||||||||||||
56 | Two Bedroom | $2,103 | 229 | $1,874 | $1,979 | |||||||||||||||||||||||
57 | Three Bedroom | $2,430 | 274 | $2,156 | $2,279 | |||||||||||||||||||||||
58 | Four Bedroom | $2,711 | 320 | $2,391 | $2,533 | |||||||||||||||||||||||
59 | ||||||||||||||||||||||||||||
60 | ||||||||||||||||||||||||||||
61 | NOTES | |||||||||||||||||||||||||||
62 | * From HUD AMI for Asheville Metro, as well as NSP Limits, HOME Income Limits, NCHFA, URA Income Limits, HUD FMR, etc. (definitions below) | |||||||||||||||||||||||||||
63 | 60%, 100% & 120% AMIs are calculated when HUD AMIs are published in April/May and verified later as data becomes available (HUD publishes AMIs for 30, 50 & 80% AMI in April plus the 100% AMI for a family of four) | |||||||||||||||||||||||||||
64 | * Calculations by Affordable Housing staff lowered to the nearest dollar $$ | |||||||||||||||||||||||||||
65 | * HUD assumes 1.5 persons per bedroom | |||||||||||||||||||||||||||
66 | * City of Asheville "Moderate Income Housing" is defined as 80% - 100% AMI | |||||||||||||||||||||||||||
67 | * Boarding House rents should follow Efficiency/Studio rents | |||||||||||||||||||||||||||
68 | * When utilizing a City of Asheville Affordable Housing Incentive Policy first Year Rents are based on Month & Year of Occupancy (CO) & AMI rents at THAT date | |||||||||||||||||||||||||||
69 | *Please think about when you income verify & your date of CO for clarity on income, rents and this "Appendix 1" (for annual rent increases, please see Incentive Policy and/or your Legal Agreement) | |||||||||||||||||||||||||||
70 | ||||||||||||||||||||||||||||
71 | * Affordable Rents (Appendix 1) will be published each year by the CED Department when AMIs are published by HUD, usually in April/May (unless otherwise noted by the CoA) | |||||||||||||||||||||||||||
72 | ||||||||||||||||||||||||||||
73 | * City of Asheville allows annual rent increases to occur at the time of lease renewal | |||||||||||||||||||||||||||
74 | NOT at the time these annual figures are published AND in concurrence with the Incentive Policy and/or your Legal Agreement | |||||||||||||||||||||||||||
75 | Any increase in rent shall be no greater than the lower of the published figures or a 2.5% increase not to exceed 30% of the individual or families AMI, rent plus utilities | |||||||||||||||||||||||||||
76 | ||||||||||||||||||||||||||||
77 | * If at renewal the tenant is over the 80% AMI income for that year but under 120% AMI, the City requires that you keep the tenant at the affordable rent until their income is over 120% AMI. If the tenant is over that 120% AMI income at renewal, they can either stay in their unit with an adjustment to market rent or not renew their lease. The City of Asheville requires that income verification on affordable units for renewal occur 120 days before lease end to allow the tenant additional time should they be over income. | |||||||||||||||||||||||||||
78 | ||||||||||||||||||||||||||||
79 | ** The utility allowance is based on the average fees and costs in Asheville for multifamily units all electric, landlord supplied appliances (range & refrigerator) and published annually by HACA, usually in December. | |||||||||||||||||||||||||||
80 | ||||||||||||||||||||||||||||
81 | *** Published annually by the Housing Authority City of Asheville (HACA) usually in April / Rental Assistance | |||||||||||||||||||||||||||
82 | ||||||||||||||||||||||||||||
83 | - Note - affordable units may not be sold or rented to relatives or business associates of the developer or the property management | |||||||||||||||||||||||||||
84 | ||||||||||||||||||||||||||||
85 | ** IF YOUR PROJECT HAS HUD HOME INVESTMENT PARTNERSHIP FUNDS, PLEASE CONTACT YOUR CITY OF ASHEVILLE | |||||||||||||||||||||||||||
86 | PROJECT MANAGER FOR THOSE SPECIAL RENTS AND THEIR CAP | |||||||||||||||||||||||||||
87 | ||||||||||||||||||||||||||||
88 | Incentives for homeownership must follow the AMIs published here and in accordance with the Incentive Policy and/or your Legal Agreement | |||||||||||||||||||||||||||
89 | - Total housing obligation for homeownership should not exceed 33% of AMI including mortage principal, interest, insurance & taxes | |||||||||||||||||||||||||||
90 | except where notated in the Incentive Policy and/or your Legal Agreement | |||||||||||||||||||||||||||
91 | ||||||||||||||||||||||||||||
92 | NOTE - the City reserves the right to adjust AMI rental rates for micro-units, boarding house, & tiny homes | |||||||||||||||||||||||||||
93 | NOTE - the City reserves the right to adjust AMI rental rates when parking is not included | |||||||||||||||||||||||||||
94 | NOTE - THE CITY RESERVES THE RIGHT TO ACCEPT THE NEW HUD AMI'S FOR THE NEW YEAR OR UTILIZE THE SAME OR ADJUSTED FIGURES | |||||||||||||||||||||||||||
95 | BASED ON CURRENT ECONOMIC CONDITIONS AND/OR TIMES OF CRISIS OR PANDEMIC | |||||||||||||||||||||||||||
96 | ||||||||||||||||||||||||||||
97 | CONTACT - Sasha Vrtunski, Affordable Housing Officer, svrtunski@ashevillenc.gov, 828.259.5560 | |||||||||||||||||||||||||||
98 | ||||||||||||||||||||||||||||
99 | CED - Community & Economic Development Department | FMR - Fair Market Rent | ||||||||||||||||||||||||||
100 | HUD - Department of Housing & Urban Development | NSP - Neighborhood Stabilization Program | ||||||||||||||||||||||||||