City commits $1M to land trust to create affordable housing, battle gentrification

City commits $1M to land trust to create affordable housing, battle gentrification

(Article from Asheville Citizens Times)

by Dillon Davis

 Asheville City Council recommitted $1 million Tuesday to a new community land trust that will help the city and Buncombe County offer affordable housing and stave off the effects of neighborhood gentrification.

Council unanimously voted to allocate the funding for the Asheville Buncombe Community Land Trust. It comes as city voters approved a $25 million affordable housing bond in November 2016, one of three general obligation bond issues to pass in the election with large margins.

Of the total, $10 million was approved for direct project investment while $1 million was set aside for a future community land trust.

Paul D’Angelo, a housing development specialist for the city, told the council a community land trust is “a great, permanently affordable housing and homeownership tool” for the area.

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