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From YouTube: Affordable Housing Advisory Committee
Description
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C
Good
morning,
everyone
I'm
chair,
barry
bialik,
and
I
would
like
to
welcome
you
to
the
march
4th
2021,
affordable
housing
advisory
committee
meeting.
C
Let's
see
our
affordable
housing
committee
has
we
have
sorry
it's
early
for
me,
I'm
at
a
different
city
right
now
we
have,
I
think,
nine
members
and
we're
adding
two
more
exactly.
Is
that
correct?
I'm
sorry
and
all
committee
members
and
staff
are
participating
virtually.
C
We
appreciate
your
patience
as
we
work
as
we
work
through
committee
meetings.
A
little
bit
differently.
We're
streaming
live
on
our
virtual
engagement
hub,
which
is
accessible
through
the
virtual
engagement
hub
link
on
the
front
page
of
the
city
website,
and
also
linked
on
the
committee
page.
We
also
have
an
option
for
the
public
to
listen
live
by
phone
for
those
of
you
out
there
with
us
today.
Welcome
we'll
now
go
through
and
introduce
the
committee
members
who
are
participating
virtually
committee
members.
C
C
C
C
C
I
don't
think
so,
just
making
sure
no
one
else
popped
in
since
I
did
my
little
roll
call
right
now.
I
think
that's
everybody
we've
got
here.
We
also
have
joining
us
councilwoman,
mosley
and
councilwoman
turner,
and
also
community
development
staff,
paul
and
his
fantastic
crew.
Thank
you.
C
Let's
see,
I'm
gonna
bring
up
actually
parker
parker,
actually
smith,
our
other
member
just
joined
in
parker.
If
you
could
just
say
quick
hello,
just
we
can
get
your
enroll
call.
C
Okay,
to
help
our
audience
follow
along
I'll,
go
through
each
item
of
the
agenda
aloud
and
do
a
voice
role
call
for
each
vote.
Additionally,
ask
the
committee
members
raise
their
hand
to
speak
and
I'll
call
upon
them.
Sometimes
they'll
say
it
is
hard
to
notice
that
so
paul.
You
know
if
there's
someone
margie,
maybe
if
you
could
watch,
can
you
see
if
you
can
watch
and
then
kind
of
probably
make
you
know
sometimes
on
the
middle
list?
It's
really
hard
to
follow
that.
C
C
So
I'm
having
to
scroll
through
screens
a
little
bit
here,
okay
and
so
the
thanks
for
all
that,
so
that
what
we're
going
to
do
this
meeting
rather
than
have
a
you
know,
we're
going
to
kind
of
tighten
our
agenda
down.
We
need
to
really
spend
the
bulk
of
the
meeting
talking
about
our
down
payment
assistance
program.
C
So
you
know
I'll
share
a
brief
history
of
it
and
then
I'll
you
know
turn
it
over
to
paul,
and
then
we
also
have
mike
vance
from
mount
housing.
Who's
gonna
give
a
little
background
on
it,
but
this
was
a
program
it
was
designed.
I
think
it's
more
than
two
years
ago
now,
so
it's
kind
of
sat
on
the
the
shelf
for
a
while.
You
know
we
we
had
part
of
the
the
affordable
housing
bond.
Money
was
allocated
towards
the
down
payment
assistance
program.
It
was
a
million
dollars.
C
So
we
you
know
when
who
came
through
this
committee.
He
was
approved
by
city
council.
Then
it
went
then
it
kind
of
sat
there
for
a
while
went
out
to
rfpp.
We
had
rfp.
We
had
two
responses:
mountain
housing,
another
party
mountain
housing
was
proposal,
was
deemed
the
one
to
move
forward
with.
So
now,
there's
you
know
they've
mountain
housing's
asking
for
some
changes
and
to
look
at
the
policy.
C
That's
not
exactly
how
it
was
approved,
so
we're
going
to
kind
of
spend
our
time
to
discuss
to
see
if
we
can
come
to
a
consensus
and
and
agree
to
move
it
along
or
if
we
think
we
need
to
take
a
deeper
dive
into
this.
C
You
know
it
is
part
of
the
bond
money,
so
there's
a
tick,
tock
timeline
on
it,
and
you
know
this
was
something
yeah,
that's
unfortunately,
you
know
approved
two
years
ago
and
we're
trying
to
now
decide
if
we
can
make
this
happen
paul
you
want
to
kind
of
take
over
and
then
we
can
kind
of
lean
in
to
mike.
K
Yes,
absolutely
and
good
morning,
everybody
paul
d'angelo
here
with
the
community
development
division,
so
everyone
has
the
agenda
in
front
of
them
and
also
the
staff
report.
I
there
was
a
a
wrong
date
in
there.
I
think
that
scott
or
somebody
had
sent
so
I
was
able
to
fix
that.
But
barrier
summary
is
good.
That
staff
memo
just
tries
to
talk
a
little
bit
about
how
we
got
here
today.
K
You
know
a
brief
discussion
of
the
recommended
changes
that
I
think
michael
talked
about
in
just
a
few
minutes
as
well
as
some
additional
clarity.
I
do
think
that
taking
a
look
at
to
possibly
help
guide
the
conversation
at
the
bottom
of
that
staff
memo,
it
talks
about
next
steps,
discussion,
points
and
a
couple
things
to
think
about
whether
ahack
agrees
with
mho
as
the
city's
third
party
partner
and
the
updates
to
the
policy.
K
How
should
the
ami
be
focused
over
the
next
18
months?
How
can
we
all
work
together
to
market
down
payment
assistance
to
everybody
in
the
community
interested
in
home
ownership,
including
our
black
and
brown
community
members?
This
gets
discussed
often
internally
in
the
building
about
doing
that
better
job,
and
then
I
don't
know
if
it
came
up
on
the
updated
document.
But
what
happens
if
a
hack
cannot
come
to
consensus
on
this?
And
briefly,
just
to
answer
that
question,
I
believe
in
general
we
would
look
for
guidance
from
city
management.
K
We
would
probably
look
at
possibly
going
out
for
another
rfp
on
this,
or
is
there
a
better
use
of
this
million
dollars
outside
of
gpa?
That's
obviously
a
bigger
discussion,
but
those
are
would
be
the
next
steps,
so
knowing
a
couple
of
those,
perhaps
next
steps
and
guidance
questions
that
could
help.
We
do
have
mike
vance
here
this
morning
from
mountain
housing,
opportunity
who
submitted
his
proposal
for
down
payment
assistance.
K
I
think
mike
wants
to
talk
about
his
proposal,
their
work,
and
I
will
have
a
brief
presentation
that
mike
put
together
when
he's
ready
for
it
so
barry.
If
that's
good.
I
will
turn
this
over
to
mike
okay.
D
I
just
have
a
small
question
for
paul:
what's
the
timeline
on
when
is
when
this
fun,
when
these
funds
have
to
be
used.
K
So
we
would
really
have
until
october
of
2023,
so
basically
about
two
and
a
half
years.
I
believe
yes-
and
you
know
I
can
put
spent
to
wanna
in
air-
quotes
because
there
is
a
little
wiggle
room
you
get
like.
You
could
possibly
allocate
it
and
things
like
that.
But
I
think
overall,
the
city
is
trying
to
spend
all
the
dollars
down
by
october
of
2023.
C
A
K
C
F
Before
we
go
to
mike-
and
I
didn't
see
this
in
the
staff
report-
but
can
we
confirm
that
this
is
this-
is
intended
to
be
one-time
funds,
not
a
continuing
continuing
allocation,
so
one-time
funds
out
of
the
bond
and
an
estimate
of
how
many,
based
on
the
the
model
that
we've
looked
at
in
the
policy,
how
many
households
this
would
serve.
K
So
currently,
this
bond
of
the
25
million
that
went
into
the
affordable
housing
bond
andy
is,
as
far
as
I
know,
a
one-time
I
shot
there.
I
do
believe
that
if
this
is
successful
and
and
we
could
show
that
I'm
sure
I
don't
want
to
speak
for
city
management,
I
think
they
would
consider
an
additional
bond
in
the
future,
but
for
right
now.
This
is
the
only
one
that
we
have
and
that
I
know
of
on
the
books
at
the
moment,
and
it
would
be
just
one
and
done
at
the
moment.
F
F
Thank
you
andy.
Can
you
answer
my
second
question
about
given
the
given
the
per
unit
amounts,
how
many
households.
K
You
know
that's
been
talked
about
if,
if
it
went
to
say
where
we
needed,
if
it
depending
on
what
you
all
talk
about
today
and
if
it's
not
a
repayment
fund,
so
it
would
probably
help
anywhere.
I
think
we
figured
between
12
to
20
families,
depending
on
the
amount
of
down
payment
assistance.
I
think
in
general
there's
some
consensus
that
it
could
take
up
to
80
000
in
down
payment
assistance
to
get
folks
below
60
ami
into
asheville
households.
C
K
C
And
then
the
you
know
the
the
the
biggest
you
know
the
biggest
difference.
I'll
just
give
a
background
before
we
you
know
pass
over
to
to
mike.
I
guess
quick,
you
know
the
biggest
difference.
That's
come
up
from
what
what
was
approved
and
then
the
mountain
housing
proposal
is
that
it's
it
was.
C
It
was
originally
drafted
as
a
forgivable
amount
and-
and
it
had
you
know,
had
loan
had
amounts
that
would
be
set
for
80,
ami
and
60
percent
of
mine
below,
and
so
one
of
the
the
biggest
difference
is
whether
they
propose
that
it
be
a
revolving
fund,
meaning
it's
not
a
forgivable
loan
and
it
would
be
a
shared
appreciation
model,
which
is
what
mike
is
going
to.
You
know,
explain
and
share
about.
So
that's
you
know,
that's
really
the
biggest
discussion
point
we
have
on
this.
C
It's
similar,
like
you
know,
mike
brought
the
point
up,
but
when
we
looked
at
it,
it's
actually
very
similar
to
the
community
land
trust
model
that
the
you
know,
the
land
trust
there's
not
ownership
of
the
land
and
it
doesn't
there's,
obviously
not
an
appreciation
that
comes
with
that.
So
there's
similarities,
and
you
know
that's
one
of
the
things
we're
going
to
look
at
with
this
or
you
know,
mike's
going
to
share
with
any
any
other
questions
or
any
more
background
before
we
hear
from
mike.
D
Dawana,
sorry,
no,
I
I'm
ready
to
listen
for
a
second
okay.
L
Excuse
me:
yes,
can
you
hear
me
yep
thanks
for
having
me,
I'm
mike
vance
with
mountain
housing
opportunities,
appreciate
the
opportunity
to
talk
a
little
bit
about
down
payment
assistance,
what
we've
been
doing
our
model
and
and
what
we
think
we
can
offer.
As
a
administrator
of
this
this
fund
for
the
city,
I
hope
everybody
had
a
chance
to
look
a
little
bit
at
the
the
shared
equity
shared
appreciation,
documentary
plus
one.
C
B
I
see
christine
has
got.
We
need
to
pause
for
just
a
moment.
We
are
having
some
additional
connection
issues.
So
if
we
could
just
pause
the
meeting
for
a
second,
we
can
work
on
getting
that
fixed.
B
B
C
K
I
have
a
thought
on
something
to
fill
up
this
pause,
but
it
looks
like
oops
that's
playing
games
there.
I
have
a
quick
thing,
that's
not
on
the
agenda,
but
I
I
think
would
be
appropriate.
I
believe
that
my
boss,
sam
powers,
is
on
the
line,
and
this
is
his
last
a
hack
meeting.
He
is
retiring
and
leaving
us.
I
don't
know
how
I
feel
about
that.
Quite
yet.
Maybe
sam
even
feels
I'm
sure.
K
Sam's
got
some
great
feelings
about
this,
but
if
you
all
didn't
know,
yesterday,
sam
was
honored
by
the
asheville
bumpkin
regional
sports
commission
in
a
kickoff
press
event
for
the
2021
southern
conference,
basketball
tournament
at
hcca,
the
asheville
buncombe
regional
sports
commission
dedicated
and
renamed
the
entrance
foyer
to
the
sam
powers
foyer
and
that's
the
new
name,
the
sam
powers,
foyer
for
all
sporting
events
moving
forward.
So
I
think
that's
pretty
cool
for
sam,
it's
his
last
a
hack
meeting
and
speaking
for
myself
and
our
community
development
team.
K
We
are
super
grateful
for
him
and
the
guidance
he's
provided
us,
I'm
sure
for
putting
up
with
me
every
once
in
a
while
in
my
big
mouth
and
the
department,
but
I'm
grateful
for
that
his
guidance
and
we
are
going
to
miss
him
immensely
and
sam.
We
will
give
you
the
floor
if
you
want
to
say
anything,
we're
grateful.
M
Yeah
we're
not
supposed
to
be
conducting
business,
so
we
will
assume
this
is
not
business
and
not
part
of
the
minutes.
So
but
thank
you
and
it's
been
great
and
I'll
still
be
in
the
community
and
still
be
working
with
with,
hopefully
some
projects
and
initiatives
and
so
happy
about
that
part
of
it.
But
thank
you
paul.
M
B
No,
the
youtube
channel
is
not
down
the
connection
from
our
google
meet
to
get
to
youtube.
There's
some
connection
issue
that
our
it
and
cake
team
are
working
on
right
now.
Okay,
so
just
bear
with
us
and
sorry
for
the
inconvenience.
I'm
sorry
for
the
inconvenience
we're
working
now,
actually
we're
working
now,
absolutely.
K
Christina
you're
great
and
a
quick
shout
out
to
christina
too
she's
pulling
double
duty
this
morning.
On
our
end,
where
she's
taking
meeting
minutes
and
running
the
sh,
I
think
y'all
realize
we
now
run
the
show
for
these
events.
The
departments
do
because
cape's
got
so
much
going
on.
Everybody
does
but
christina's
pulling
double
duty.
So
thanks
christina
take
the
time
you
need
and
please
let
us
know
if
we
can
help
you.
B
Yep,
I
think
we're
all
good
we're
actually
live.
So
thank
you
paul
for
that,
and
we
are
good
to
go.
B
C
K
D
C
We
had
a
little
brief,
techno
lap
there,
so
we
we
started
our
discussion
about
down
payment
assistance
and
I
gave
a
little
introduction.
Paul
gave
a
little
bit
of
background
on
it
and
about
the
staff
report
and
now
we're
gonna
have
mike
vance
start
his
discussion
about
mountain
housing's
proposal.
Thanks
mike.
L
Hi
good
morning,
I'm
mike
vance
with
mountain
housing
opportunities.
I
appreciate
the
opportunity
to
speak
to
you
all
today
as
you
as
you
consider
this
this
proposal
that
we
have
put
in
front
of
you.
I
wanted
to
kind
of
go
back
out.
Oh,
I
also
asked,
and
I'm
not
sure
if
everyone
received
that
the
document
that
we
shared
hoping
that
you
had
a
little
time
to
read
up
on
what
exactly
is
a
shared
appreciation
mortgage.
L
You
know
how
it
how
it
works,
we'll
I
can
we'll
go
a
little
bit
into
into
that
in
a
moment
and
and
and
why
and
what
what
its
purpose
is
mostly
used
for
around
the
united
states.
So
I
I
borrowed
a
lot
of
that
language.
From
a
lot
of
information.
That's
out
there
online,
I
tried
to
put
some
credits.
I
looked
back
at
the
pdf
and
I'm
not
really
sure
that
those
links
worked.
I'm
sorry
about
that.
L
In
my
word
document
I
can
right
click
on
them,
but
there
is
quite
a
bit
of
information
out
there
and
it's
and
it's
nice
to
to
see
who
else
is
doing
similar
models
around
the
country.
So
we
have
been
using
a
shared
appreciation
mortgage
at
mountain
housing
opportunities
for
over
20
years.
L
Started
we
would
use
those
on
homes
that
we
would
build
or
rehab
and
sell
when
that
was
our
main
home
ownership
product
early
on
most
down
payment
assistance
funds
were
granted.
You
know
the
amounts
were
a
lot
smaller.
L
The
the
funds
needed
between
incomes
and
purchase
price
were
a
lot
smaller
at
that
time,
as
as
the
amounts
began
to
increase
in
size
policy
changes
for
us
and
and
for
other
groups
doing
similar
work
move
to
hey
you
know.
Maybe
we
shouldn't
really
grant
these
funds.
Maybe
we
should
loan
them.
Those
initial
loans
had
forgiveness.
L
On
them,
maybe
if,
if
a
homeowner
stayed
in
a
home
for
five
or
ten
years,
those
loans
would
be
forgiven,
we've
seen
as
those
down
payment
assistance
amounts
have
increased,
even
greater.
That
forgiveness
has
has
gone
gone
by
the
wayside,
as
these
loan
amounts
have
become
more
significant
than
they
were
10
or
15
years.
C
L
Taking
on
this
shared
appreciation
method
trying
to
keep
dollars
that
are
invested
in
a
home
equal
with
the
with
the
market
rate
of
appreciation,
because
what
we
know
and
what
what
these
loans
are
are
doing,
is
they're
helping
one
family
into
a
house.
But
when
that
family
no
longer
needs
that
house,
those
funds
can
go
on
to
someone
else,
and
that
happens
later
in
time.
And
we
are
trying
to
keep
pace
with
an
appreciate,
a
highly
appreciating
market
here
in
asheville.
L
So
so
we
were
putting
these
loans
in
houses
that
we
were
building
and
selling
for
years
and
then
back
in
about
2007.
L
There
was
an
organization
in
town,
neighborhood,
housing
services,
and
they
were
going
out
of
business
and
asked
if
we
could
mountain
housing
opportunities
could
administer
a
a
pool
of
second
mortgages
that
they
had
originated
with
city,
home
city,
cevg,
funds,
city
home
funds,
on
houses
that
were
not
built
by
nhs,
but
were
just
homes
that
were
purchased
in
the
community
and
they
had.
They
had
started
this
down
payment
assistance
program
with
funds
from
local
funds
from
home
and
cdbg,
and
then
also
some
national
funds
from
a
national
network
called
neighborworks
america.
L
We
took
those
funds
over
in
in
2007
and
2008.
I
was
about
122
loans.
The
the
value
of
those
loans
was
probably
in
the
around
two
million
dollars,
and
we
started
working
with
the
city
immediately
to
continue
to
apply
for
cdbg
and
home
funds
to
for
new
monies
to
lend
in
the
same
method.
This
shared
appreciation,
method
and-
and
we've
been
running
that
program
ever
since.
I
think
I
think
it's
been.
L
I've
talked
to
some
folks
who
kind
of
aren't
really
aware
that
we've
been
doing
this
or
have
forgotten
that
we're
doing
this,
because
in
about
2013
was
the
last
time
that
we
came
to
the
city
for
cdbg
funds
or
the
home
consortium
for
home
funds.
We
were
starting
to
that.
L
This
loan
fund
that
we
were
building
for
the
community
was
amassing
at
a
size
and
starting
to
do
what
we
had
hoped
it
would
do
and
revolve
on
its
own,
so
that
our
lin,
the
loans
that
we're
currently
lending
are
from
loans
that
have
been
paid
off
from
past
homeowners.
So,
since
2009,
when
we
started
this
program,
we
have
assisted
an
additional
320
buyers
using
this
loan
product.
L
It's
available
it.
It
originally
started
as
just
a
buncombe
county
loan
product.
We
have
we've
increased
the
geographic
size
of
that,
depending
on
funding
source.
We
track
several
different
funding
sources,
but
we
are,
we
are
lending
in
in
the
asheville
msa
haywood,
henderson,
madison
and
buncombe
county.
At
this
point,
the
majority.
D
L
Loans
are
in
buncombe
county
about
20
of
the
loans
that
we
have
done
in.
That
period
of
time
has
occurred
in
the
city
limits
of
asheville.
L
So
one
of
the
other
things
that
we
were
able
to
do
when
we
took
over
this
this
loan
fund
and
became
this
essentially,
this
kind
of
community
lender
was
to
apply
for
and
receive
certification
through
a
program
that
is
administered
at
the
national
lever
level.
The
us
treasury
certifies
and
administers
the
cdfi
fund,
which
is
are
a
group
of
community
development,
financial
institutions.
L
We
have
two,
we
have
three
in
town.
Mountain
biz
works
is
a
community
development
financial
institution
focusing
on
small
business
lending
self-help.
Credit
union
is
a
larger
cdfi
and
mountain
housing
opportunities
has
been
a
cdfi
since
2009,
acting
as
a
as
a
second
mortgage
lender
of
these
shared
appreciation
mortgages
through
that
partnership
and
certification,
we've
been
able
to
leverage
external
funds
through
the
cdfi
fund.
L
To
date,
we've
brought
about
1.3
million
dollars
into
that
revolving
fund
through
that
national
network
that
I
mentioned
that
neighbor
neighborhood
housing
service
had
been
a
member
of,
and
we
are
now
a
member
of
neighborworks
america.
L
We
have
also
leveraged
an
additional
about
800
000
of
funding.
That
is
all
moving
into
this
fund
that
we
are
administering
and
and
right
now
the
size
of
that
fund
is
about
4.8
million
dollars.
It's
a
current
portfolio
of
about
288
loans
that
we
are
that
we.
M
L
Partners
that
we
have
is
buncombe
county,
we
have
a.
We
have
a
separate
pot
of
funds,
it's
it's
within
that
4.8
million
288
loans,
but
about
820
000
of
that
and
53
loans
at
this
point
is
a
fund
that
we
administer
for
buncombe
county,
exactly
in
the
same
method
that
we
are
proposing
to
administer
these
funds
for
the
city,
we
track
the
loans,
the
loans
are
repaid.
L
We
re-lend
the
funds
back
out.
We
can
see
who
has
been
helped
how
the
funds
helped
those
while
they
were
in
the
home.
How
much
money
has
come
back
to
the
fund
and
is
is
re-lent
back
out,
so
we
we
think
that
what
what
we're?
What
we're
doing
is
creating
this
permanent
resource
for
the
community
and-
and
I
believe
that
we've
done
this
and
we're
gonna
continue
to
do
this,
and
when
the
city
decided
that
it
was
going
to
allocate
some
bond
funds
a
year.
L
You
know
when
that
happened
a
couple
years
ago.
We
got
very
excited
about
that.
You
know
this
is
this
is
wonderful.
We
we
we
helped
out
with
a
little
with
information
that
we
knew
as
the
city
was
preparing,
that
policy
on
how
we
might
be
able
to
help
with
those
with
that
policy
direction.
L
We
did
at
that
point
argue
that
this
shared
appreciation
model
specific
spec,
especially
in
the
city
of
asheville,
with
these
high
appreciation
rates,
was
the
best
model
to
use
and,
and
what
was
it
eventually
adopted,
was
kind
of
a
hybrid
it
is.
It
is
currently
a
shared
appreciation
mortgage
for
years,
one
through
20
and
then
in
years,
20-30.
L
That
loan
begins
to
is
forgiven
to
where
right
now,
the
the
city's
policy
is
that
that
loan
is
completely
given
forgiven
at
the
end
of
30
years,
and
that's
that's
not
how
the
model
that
we
have
used
for
years
works
there.
L
Period
it
is,
it
is
an
investment
in
the
home
it
it
creates
that
opportunity
for
homeownership.
L
It
creates
that
opportunity
for
for
wealth
building
because
of
the
high
appreciation
rates
that
asheville
sees
because
a
homeowner
is
paying
down
a
30-year
mortgage
that
they
eventually
are
in
our
building
equity,
but
the
the
wealth
isn't
generated
from
the
down
payment
assistance.
Loan.
The
down
payment
assistance
loan
is
the
tool
that
that
makes
all
this
happen.
L
You
could
give
the
tool
away
at
the
end
of
a
at
the
end
of
a
period,
but
it's
better
to
actually
keep
that
tool
to
help
someone
else
down
the
road
and
that's
how
we,
how
we've
operated
this
program
and
and
feel
that
it
that
it
ought
to
happen.
So
I
wanted
to
so
so
the
other.
So
when
the
city.
L
Asks
for
proposals
we,
we
kind
of
you
know,
I'm
a
little
embarrassed
that
we're
that
job
applicant
that
comes
in
and
says
we
want
the
job,
but
not
the
way
that
you
kind
of
posted
it.
But,
but
I
I
really.
I
feel
that
if,
if
we
are
to
administer
this-
and
I
know
that's-
that's
a
big
question-
we
would
like
to
roll
these
funds
into
the
exact
same
system
that
we're
offering.
Now
we
can
segregate
these
this
money.
L
I'm
not
saying
that
we're
going
to
we're
not
going
to
lose
these
funds,
they
will
be.
We
have
a.
We
have
the
ability
to
track
funds
and
are
doing
this,
we're
tracking
home
funds
separately.
Then
we're
tracking
cdbg
funds
we're
tracking
buncombe
county
funds
separately.
We
know
we
know
whose
money
is
whose,
but
we
would
like
to
roll
this
money
into
our
existing
loan
fund
to
be
able
to
offer
this
permanently
in
in
the
future.
And,
of
course,
these
funds
would
only
be
for
the
city.
L
The
repayment
of
funds
would
would
go
back
into
city
homes
only,
but
we
are
the
other
thing
that
and
reason
that
we're
asking
that
we
think
we
might
be
one
of
the
best
folks
to
administer
this
is
we
are
always
looking
for
match
money
to
go
and
apply
for
more
funds
through
the
cdfi
fund,
and
this
is
exactly
the
type
of
match
that
they
are
looking
for
and
that
we
could
use
to
leverage
additional
funds.
L
So
our
hope
is
to
not
only
administer
this
one
million
dollars
for
the
city
indefinitely,
but
to
add
to
it
through
matched
money
offered
by
the
us
treasury
through
that
cdfi
fund.
So
I
think
that's
a
little
bit
about
what
we
can
offer
I'd
like
to
paul.
L
If
it's
okay
right
now,
I'd
like
to
go
ahead
and
take
a
look
at
those
two
slides
the
first
one
is
a
slide
that
was
part
of
the
the
packet
or
the
part
of
the
document
that
I
shared
and
I've
just
put
it
on
a
single
page
and
made
it
a
little
bigger.
L
I
don't
know
if
those
watching,
if
everyone,
if
that
document
was
shared
with
the
public,
but
this
is
this-
gets
to
the
the
nuts
and
bolts
of
of
what
a
shared
appreciation
mortgage
is
and
and
what
it
does.
So.
The
the
concept
of
these
is
is
that
a
home
buyer
still
needs
to
qualify
for
a
first
mortgage
that
that
is
not
that
that
part
of
home
ownership
with
us
with
a
shared
appreciation
mortgage
remains
the
same.
L
So
you
know
based
on
your
income
and
your
credit
and
other
debts.
Buyers
qualify
for
first
mortgage
products.
The
problem
that
we
see
in
asheville
is
low-income.
Home
buyers
cannot
qualify
for
enough
of
a
first
mortgage
product
to
buy
a
house
in
nashville.
L
So
in
this
scenario,
it's
a
250
000
home,
where
a
a
family
or
an
individual
can
only
qualify
for
a
200
000
first
mortgage.
The
gap
is
that
50
000
and
just
to
keep
numbers
simple.
We've
we've
gone
with
these
very
round
numbers.
So
in
this
scenario,
the
down
payment
assistance
loan
is
fifty
thousand
okay
homeowners
in
the
house,
they're
making
they're
they're,
making
their
mortgage
payment
on
that
200
000.
There
is
no
monthly
payment
on
that
down
payment
assistance.
L
Loan,
they're
they're
called
deferred
loans,
so
it
does
not
add
to
or
increase
the
monthly
housing
payment
of
a
buyer.
L
The
I
think
you
know
the
selling
of
the
home
is
is
is
the
next
scenario,
and
this
is,
I
think,
where
all
of
this
kind
of
hits
the
hits
the
road
it's
you
know,
homeowners,
don't
don't
stay
in
their
homes
forever,
they
do
sell
their
homes.
If,
if,
if
folks
did
we
wouldn't
really
be
having
this
conversation,
you
know
if
folks
stayed
in
their
homes
forever.
There
wouldn't
really
need
be
the
need
for
mechanisms
like
a
community
land
trust
the
their
the.
L
L
L
L
C
L
To
stay
in
their
homes
longer
because
of
just
inability
for
for
that
mobility,
but
but
they
do
still
sell
their
homes
and
we
we
we
see
that
folks
sell
their
homes
to
be
closer
to
family,
to
relocate
for
jobs.
L
They
sell
a
home
because
it
may
no
longer
suit
their
needs
as
they
age
or
as
their
household
increases.
But
we
have
seen.
I
don't
one
of
the.
I
went
back
and
looked
over
some
years
of
data
and
some
of
this
data
gets
a
little
fuzzy
past
12
years,
but
I
did
learn
in
looking
at
it
that
at
about
10
years,
50
percent
of
our
borrowers
had
paid
off
their
second
mortgage
with
us.
L
M
L
Probably
less
than
half
the
way
the
current
city
loan
program
is
is
written
buyers
that
stay
in
their
home
20
years
are
going
to
repay
these
funds.
So
you
know
that's
already,
that's
already
in
the
in
the
formula
and
part
of
part
of
the
the
city's
current
policy.
We,
I
think
I
believe
that
the
the
the
change
this
proposal
that
we're
we're
suggesting
of
not
forgiving
the
loans
is,
is
really
only
going
to
affect
a
handful
of
the
original
borrowers
of
of
the
funds
and,
as
was
mentioned,
you
know
this.
L
This
million
dollars
is
probably
is
going
to
help
less
than
less
than
a
couple
dozen
folks
and
if
it
and
those
folks
that
may
remain
in
their
homes
beyond
20
and
30
years
is
going
to
be
even
a
smaller
percentage
of
that.
So
the
proposal
that
we're
we're
suggesting
really
is
the
impact
on
that
is
going
to
be
a
small
handful
of
folks.
L
What
you're
gaining
is
the
larger
community
benefit
of
this
larger
revolving
fund
that
can
also
be
leveraged
and
added
to
and
and
returning
and
returning
the
funds
as
you'll
see
in
this
in
these
scenarios
does
not
inhibit
homeowners
from
creating
wealth.
I
I
think
that
we,
we
pride
ourselves
on
at
mountain
housing,
on
the
fact
that
this
loan
product
and
home
ownership
with
this
loan
product.
L
Some
substantial
wealth
so
looking
at
the
second,
the
second
bar.
This
is
just
a
scenario
assuming
that
the
home
sells
seven
years
later
and
it
assumes
a
percent
annual
rate
of
appreciation.
L
L
So
that's
we're
right
in
the
in
the
ballpark
there.
So
home
sells
seven
years
later,
it
increased
up
to
a
a
price
of
three
hundred
and
seventy
five
thousand
dollars.
In
this
scenario,
the
the
homeowner
is
responsible
for
paying
off
its
first
mortgage,
which
was
that
conventional
mortgage.
L
I
think
that
was
set
up
as
a
30-year
three
and
a
half
percent
rate
loan
they've
been
making
their
monthly
principal
and
interest
payments,
they've
paid
down
that
first
mortgage
to
172
000
from
its
initial
two
hundred
thousand
dollars.
L
In
addition,
they
are
going
to
return
the
down
payment
assistance,
loan
payoff
of
fifty
thousand
dollars
and
the
shared
appreciation
of
another
twenty
five
thousand
dollars,
so
that
is
twenty
percent
of
the
hundred
and
twenty
five
thousand
dollars
that
the
home
is
appreciated.
L
The
initial
scenario
was
that
the
loan
was
20
of
the
purchase
price
when
the
loan
is
paid
off.
It
is
20
of
the
sale
price,
so
it
is
just
recovering
its
small
portion
of
the
of
the
of
the
home
value,
the
larger
portion,
the
75
percent
of
the
appreciation
is
the
homeowners
to
keep
the
principal
payments
that
they
have
paid
down
on.
L
L
Paul.
Can
you
I'm
gonna
I'll,
wait
and
answer
all
the
questions
at
the
end,
but
I
would
like
to
go
ahead
and
move
to
that
next
slide,
if
possible,
and
then
and
then
I'll,
wrap
things
up
and
and
ask
for
questions
so
so
that
that
first
slide
was
a
was
a
kind
of
a
generic
example,
and
it
was
one
that
I
pulled
from
one
of
the
websites.
L
This
is
a.
This
is
a
chart
of
actual
data
that
we
of
actual
buyers
and
sellers
here
in
mostly
in
buncombe
county.
I
didn't
track
these
by
exact
location,
but
last
year
we
saw
25
of
these
shared
appreciation.
Loans
paid
off
returned
in
into
the
fund
that
we
are
gonna
that
we
are
lending
out
again
right
now.
L
L
The
homes
that
were
purchased-
and
these
are
shockingly
low
because
some
of
them
were
were
some
time
ago.
So
I
I
I
wanted
to
show
the
minimum
the
maximum
and
the
average
of
of
what
I
saw
in
the
data
and
so
of
the
homes
purchased.
The
minimum
was
103
000
and
the
maximum
was
221
000.
The
average
was
about
147
000
of
the
homes
that
were
purchased
with
these
25
loans.
L
The
the
shared
appreciation
mortgages
that
we
that
we
lent
in
these
25
homes
ranged
from
about
3000
to
thirty
thousand.
The
average
was
about
fifteen.
L
We
see
this
average
increasing
because,
as
time
goes
by,
we
have
we
have
increased
these
loan
amounts.
The
next
column
is
the
the
down
payment
assistance
purchase
of
the
purchase
price.
So
how
much?
How
much
of
the
down
payment
assistance
loan
was
of
the
of
the
total
purchase
price,
ranging
from
just
a
little
bit
more
than
one
and
a
half
one
percent
to
about
that?
L
20
percent
mark,
which
you'll
see
is
probably
more
than
likely,
where
we're
going
to
end
up
lending
the
the
city
funds,
but
the
average
in
these
was
10
and
the
number
of
years
that
folks
kept
those
homes
ranged
from
a
year
and
a
half
had
a
homeowner.
You
know-
and
this
isn't
always
you
know
it
doesn't
always
happen,
but
folks
do
get
into
a
home
would
decide
a
year
and
a
half
later.
Maybe
that
was
a
bad
idea.
Maybe
I
do
need
to
move.
L
It
does
happen
that
range
from
one
and
a
half
years
to
the
longest
of
these
with
16
years,
but
the
average
being
seven
a
little
more
than
seven,
and
this
is
that
annual
rate
of
appreciation
on
the
homes
that
low
point
being
2.7
was
the
lowest
annual
rate
of
appreciation
and
10.39
being
the
highest
in
that
range,
the
average
being
6.58.
L
So
the
home
appreciate
the
actual
dollar
amount
of
that
home
appreciation
how
much
the
home
increased
in
value
from
when
they
bought
it
to
when
they
paid
off
the
loan
lowest
25
000,
the
largest
146
000
average,
being
about
77
000
and
the
last
column
is
how
much
of
that
appreciation
the
homeowner
retained,
kind
of
showing
that
we're
not
trying
we
we
are
trying
to
help
folks
generate
wealth.
We
are
only
pulling
back
that
original
tool
that
investment
and
a
small
portion
of
the
appreciation.
L
In
addition
to
that
last
column,
of
course,
that's
just
the
that's
just
the
appreciation
that
was
occurred
by
the
natural
real
estate
market.
The
homeowner
is
also
retaining,
of
course,
all
of
the
principal
payments
that
they've
made
on
their
first
mortgage.
In
addition
to
the
numbers
on
that
far
right
corner.
L
So
I
hope
that
that
is,
I
hope,
that's
helpful.
A
little
bit,
I'm
I'm
willing
to
answer
some
questions.
L
I
think
that
there's
there's
two
questions
ahead
of
this
committee
and
and
they're
in
this
order.
It's
you
know
is:
is
there
you
know
consensus
to
in
an
interest
to
to
make
changes
to
the
policy
that
would
remove
this
forgiveness
structure?
And
I-
and
I
hope
that
you
all
do
that.
I
think
the
second
question
is
whether
mho
is
the
right
person
right
right
organization
to
administer
the
funds,
and
I
believe
that
we
are,
but
I
think
that
that's
a
separate
conversation
I
I
would.
L
L
The
best
way
to
go
so
I'll
leave
it
at
that
and
and
answer
any
questions.
C
Cool.
Thank
you
mike.
I
had
a
a
few
we'd
ask
some
questions.
You
know
ask
some
of
the
members
just
to
put
some
questions
in
ahead
of
time.
I
just
want
to
clarify
a
few
that
came
in
is:
does
this?
Does
the
program
work
for
any
kind
of
housing,
whether
it's
like
meaning
a
condo
or
a
townhouse
or
a
standalone
house.
L
Yes,
it
does
yeah,
we
we
we
can
lend
on
on
any
type
of
real
estate.
You
know
we
are
we
we
like
townhomes
and
condos
as
much
as
single-family
homes,
okay,.
C
F
C
L
Sure
so
there
is
an
annual
application
round
through
the
cdfi
fund
and
for
there
is
a
match
requirement
and
it
is
a
and
it's
a
non-federal
match.
It
needs
to
be
a
local
local
match
dollars,
which
are
a
little
bit
harder
to
get.
I
cannot,
I
cannot
match
home
dollars
with
the
cdfi
fund.
I
I
can't.
I
can't
match
money
that
we
receive
from
our
our
national
affiliate.
Neighbor
works
as
cdfi
dollars.
L
They
need
to
be
non-federal
matched
monies,
and
so,
if,
if
mho
were
to
administer
these
funds
we
would
be,
we
would
be
able
to
apply,
we
would
be
able
to
essentially
go
to
the
cdfi
fund
and
apply
for
a
million
dollars.
L
I
don't
know
that
I
would
get
a
million
dollars,
but
I
have
very
high
hopes
and
confidence
that
I
would
be
able
to
get
around
750
000
from
that
million
dollars.
We've.
We
have
only
applied
we've
applied
three
times
when
we've
had
matching
money
and
have
received
grant
applications
all
three
times
so
can't
make
any
commitments
on
that
that
that's
going
to
happen.
L
But
I
do
know
that
this
this
story
of
the
city,
you
know
creating
its
own
local
down
payment
assistance
fund
and
looking
to
match
that
with
treasury
dollars
is,
is
one
that
they
would
respond
to
favorably.
C
Okay
and
then
what
have
you
seen
so,
what
you
said
is,
when
kind
of
some
of
the
move
that
the
trend
away
from
down
payment
grants
and
moving
more
towards
a
lot
of
loans
such
as
this,
the
ones
that
are
still
forgivable.
What,
if
what
do
you
say,
those
loan
amounts
are
less
or
generally
have
been
less.
What
do
you
see?
Those
amounts
like.
L
I
believe
that
the
federal
home
loan
bank
is
is
the
largest
current
lender
of
a
of
a
down
payment
assistance
loan.
That
is
a
that
is
a
forgivable
loan
product,
and
I
I
that
started
years
ago
it
was
a
five
thousand
dollar
loan
and
I
I
do
think
I
think
it
jumped
to
7
500,
but
I
think
it
might
be
a
15
000
down
payment
assistance.
L
Forgivable
grant
at
this
point
there,
the
other
large
player,
that
we
we
leverage
a
lot
of
funds
through
and
is
a
great
resource.
Statewide
is
the
north
carolina
housing
finance
agency.
They
they
provide
down
payment
assistance
funding.
L
Their
loans
are
not
forgiven;
they
they
can
reach
their
they're
up
to
thirty
thousand
dollars,
but
they
those
loans,
are
never
forgiven.
L
So
I
I
see
I
see
the
you
know
there
are
there's,
there's
a
there's
assistance
that
can
help
with
closing
costs.
You
know,
let's,
let's
help
a
buyer
with
closing
costs,
those
those
small
those
small
amounts-
are
easier
to
to
grant
and
give
away
than
than
these
larger
funds
that
are
needed
to.
Essentially,
you
know,
reduce
the
purchase
price
for
the
home
buyer.
C
Okay,
bob
says:
you
have
your
hand
up.
H
Yeah
I
just
wanted
to
clarify:
you
were
talking
about
matching
funds.
How
would
that
match
be
allocated?
Is
the
intention
to
allocate
that
toward
the
city's
program
or
to
the
general
mho
lending
fund.
L
L
Right
so
that
that's
the
other,
you
know
yes,
this.
That
was
one
of
the
well,
not
the
only
reason,
but
that
is
you
know
one
reason
to
to
convert
these
to
you
know
non-forgivable
loans,
the
the
the
those
funds
would
need
to
be.
You
know
an
asset,
a
permanent
asset,
so
the
forgiveness
is
in
conflict
with
that.
I
L
That
deadline-
and
I
don't
I
don't-
want
to
put
any
pressure
on
anybody
on
this
decision-
that
deadline
this
year
is-
is
may
3rd.
That
would
mean
that
we,
but
that
is
an
annual
application
round.
We
can
apply
for
that.
We
can.
We
can
use
match
money.
L
I
believe
they'll
they'll,
allow
you
to
go
back
a
couple
years
on
on
your
match
funds,
so
the
the
ability
to
match
this
would
not
disappear.
This
may.
If,
if
we
you
know,
if
the
agreement
couldn't
couldn't
happen
by
then
it's
it.
C
L
C
G
Yes,
I
do
I
do.
Thank
you,
I'm
a
lender,
so
I've
actually
gone
through
this
process
with
mha
with
my
customers
before.
I
can
just
say
that
this
this
program
works
great,
but
I
haven't
seen
as
many
of
them
as
mike
has
obviously
so.
G
Is
mike
and
you're
seeing
this
over
the
years
and
then
also
if
you
could
look
to
the
future
and
imagine
every
scenario
possible,
could
this
ever
be
a
burden?
The
repayment
could
could
this
program
the
recipient
ever
be
burdened
by
this?
Is
there
any
situation
you
can
imagine.
L
Sure
so
yeah
thanks
paul
a
couple
things
and
you
know
I
think
what
we're
going
to
find
is
that
there
is
no.
There
is
no.
C
L
Program,
this
is,
there's
always
going
to
be
a
little
give
and
take
the
because
this,
because
the
the
second
mortgage
that
shared
equity
loan
is
a
second
mortgage
on
the
home.
It
can
can
interfere
with
the
borrower's
ability
to
to
take
cash
out
of
their
home
to
to
go
and
get.
L
To
pull
funds
from
their
home
without
paying
that
loan
off
the
initially
when
these
were
kind
of
generated,
and
we
were
following
some
models-
the
same
model
that
the
north
carolina
housing
finance
agency
has
the
the
loan
product
or
the
the
terms
of
the
loan
would
not
would
not.
Allow
would
not
subordinate
to
a
new
first
mortgage
where
the
borrower
was
taking
cash
out
to
where
that
position
in
line
was
was
being
lessened
by
a
by
a
larger
first
mortgage,
and
we
saw
a
lot
of
folks
struggle
with
that.
L
Why
can't
I
go
take
cash
out
to
make
improvements
on
my
home?
Why
can't
I
go
take
cash
out
for
things
some
questions.
Were
you
know,
I'd
like
to
take
cash
out
of
my
house
to
pay
off
credit.
I
L
Debt
and
well
that
may
help
right
now.
It's
not
a
great
idea
to
put
additional
debt
against
your
primary
residence.
Credit
cards
cannot
cause
foreclosure
on
your
home,
but
once
you've
rolled
up
additional
debt
to
your
house,
you
know
there
is
that
there
is
jeopardy
there.
So
the
these
loans
have
have
limited
the
ability
for
homeowners
to
to
pull
cash
out
of
their
home.
L
We
have
we've.
We
heard
that
that
comment
and
and
question
and
concern
as
we've
been
talking
with
the
community
and
would
be
have
talked
about
ways
that
you
know,
maybe
a
structure
could
be
put
in
place
that
would
allow
a
little
mix
of
both,
maybe
where,
as
long
as
the
combined
loan
to
value
of
a
new
loan
with
with
the
down
payment
assistance.
L
Second
mortgage
didn't
reach
more
than
like
85
percent
of
that
home's
value
a
borrower
could
take
cash
out
and
that
the
this
this
second
mortgage
would
subordinate
to
some
debt.
Like
that,
I
believe
that
that
that
is
the
decision
that
the
city
could
make
on
its
loan
funds.
L
They
could
they
could
make
that
number
higher
if
they
wanted
to
or
lower,
but
I
think
there
are
ways
to
to
eliminate
that
that
concern,
which
has
been
the
primary
hang
up
on
on
having
that
that
that
lien
on
the
property,
if,
if
that
second
lien
is,
is
completely
willing
to
and
favorable
to
any
other
debt
ahead
of
it
then,
and
that
would
be
a
decision
that
the
city
you
know
could
make
on
its
policy,
then
that
barrier
would
would
disappear
for
the
homeowner.
That.
M
L
Would
essentially
sit
there
and
that's
kind
of
that's
how
these
are
are
set,
the
that
was
the
initial
intent
that
the
loan
would
just
sit
there,
that
it
doesn't.
It
doesn't
create
a
burden.
There
is
no
monthly
payment
for
the
homeowner.
They
almost
don't
even
really
know
that
it's
there.
It
just
is
only
repaid
upon
sale
and
it's
paid
not
out
of
the
borrower's
pocket,
but
it's
paid
from
from
the
home,
so
it
it.
The
cash
will
always
be
there
to
pay
that
back.
The
homeowner
will
always
walk
away.
L
You
know
if
the
homes
do
appreciate.
You
know,
I
think
I
I
spelled
out
a
scenario
where
what
happens?
If
homes
don't
appreciate,
but
in
the
scenario
where
homes
are
appreciating,
as
we
assume
that
they
will,
you
know
the
loan
will
get
paid
off
and
and
the
homeowner
will
keep
all
of
the
principal
payments
that
they
made
on
their
mortgage,
and
you
know
in
that
larger
share
of
appreciation.
L
L
You
know
those
kind
of
questions
are
are
deep
in
the
details
of
what
happens
when
I
want
to
refinance,
or
we
we
also,
we
heard
a
question
and
and
suggested
a
a
possible
change
to
the
way
that
mho
does
things
now
and
we
we
may
do
this
as
long
as
the
the
funding
sources
allow
that
if
a
homeowner
is
selling
a
home
but
is
still
buying
one
in
the
same
community,
so
let's
say:
if
they're
buying
another
home
in
asheville,
they
can
just
roll
that
loan
right
into
that
next
home,
and
I
I
think,
that's
fine
and
that's
then
that's
fair
and
that's
the
way
it
it
should
work.
L
It's
you
know
the
loan,
the
the
funds,
are
there
to
help
really
they're
they're
they're
there
to
kind
of
mitigate
the
high
prices
that
asheville
has,
if
someone's
selling
a
high
priced
home
and
leaving
asheville
going
to
another
area.
Where
may
you
know
it's
like
leave
the
leave
those
funds
here
in
asheville
for
us
to
help?
L
You
know
future
asheville,
but
anyway
I
I
might
have
gone
a
little
further
than
answering
a
question.
Paul.
G
L
So
the
it
does,
the
loan
does
not
work
both
ways,
it
is
a
is
a
shared
appreciating
loan.
It
is
not
a
shared
depreciating
loan,
unfortunately,
and
the
reason
for
that
is
again
it.
It
gets
to
a
little
bit
of
the
the
finances
of
it.
L
We
need
these
loans
to
have
an
initial
kind
of
value,
a
book
value,
and
so
the
book
value
is
that
is
that
principal
value
of
the
loan
that
was
lent
out
any
language
that
talked
about
this
loan
could
depreciate
over
time
kind
of
wipes
out
any
val,
any
permanent
value
of
that
loan.
So
there
in
scenarios
where
houses
and
it's
been
rare,
but
it
it's
happened-
it
happened
a
couple
times
back
at
the
crash.
You
know
where
houses
were
selling
for
less
than
what
they
were
purchased
for.
L
These
loans
do
not
fall
below
their
face
value,
but
on
the
other
side
of
that
is
upon
sale.
Only
the
funds
that
can
that
can
that
the
home
can
pay
for
will
satisfy
the
loan.
We
do
not
go
after
there.
There
is
no
there's.
No
personal
loan
after
the
home
is
sold
that
that
a
borrower
would
have
to
pay
again.
The
intent
is
the
money
helped
someone
into
the
home,
it
sits
in
the
home.
The
home
will
repay
the
loan.
The
borrower
is,
is.
L
D
Up,
I
just
want
to
make
sure
I'm
clearly
understanding,
so
you
just
talked
about
the
if
the
house
doesn't
appreciate.
So
if
it
doesn't
appreciate
there
is
no
repayment,
like
there's
no
appreciation
cost
to
the
borrower.
D
L
The
yeah,
so
if
you,
if
in
the
scenario,
if
you
bought
the
house
for
250
and
were
selling
the
house
for
250,
there
was
no
appreciation,
the
the
repayment
would
only
be
that
50
000
loan.
D
Okay
and
then,
as
far
as
the
opportunity
for
the
match
savings,
I'm
just
trying
to
make
sure
that
I
understood
you
correctly.
The
you
could
not
apply
for
the
match
for
the
match
to
the
down
payment
assistance.
If
it
was
a
forgiveness
criteria
in
the
in
the
process
in
the
policy
correct.
D
B
C
Do
you
wanna,
do
you
have
any
more
questions
for
him
right
now?
I
think
there's
a
few
more
hands
up,
I
saw
I
was
gonna
get
to
unless
you.
K
Thanks
barry,
I
appreciate
it
just
quickly
a
few
clarifying
things.
I
do
have
a
draft
down
payment
assistant
policy
update
and
I'm
making
some
of
these
notes
with
some
of
these
points
about
refi,
etc,
and
so
just
so
you
know
that
and
it's
kind
of
good,
because
we're
supposed
to
be
analyzing
these
policies
once
a
year,
so
we're
making
some
notes
when
we
get
to
a
full
update
depending
on
what
happens
today,
regardless.
K
My
question
for
just
for
clarity
mike,
is
right.
Now
the
down
payment
assistance
can
sit
out
there,
as
I
assume
what
we
call
a
soft
second
loan,
no
interest
just
paid
back,
you
know
at
the
trigger
of
a
sale.
I
know
there's
more
to
that,
and
and
so
you
know
that
appreciation
example
of
where
they
borrowed
50,
they
paid
back
75..
K
I
think
you
alluded
to
the
fact
that
some
of
your
folks
actually
make
payments
towards
that
soft
second,
that
they
try
to
pay
off
that
down
payment
assistant
loan,
even
though
they
they
don't
have
to
until
it
sells.
Is
that
correct
that
some
people
do
that.
L
We've
we
have
had
some
folks
that
would
like
to
do
that
and-
and
it
makes
sense
you
know
you
have
this
loan-
that
is
you,
may
you
may
get
into
a
situation
where
it's
like?
I
have.
I
have
some
extra
money
I'd
like
to
pay
off
this
loan.
L
It
is,
it
can
be
done
it
it's
a
little
difficult
to
do.
I
would
these
loans
were
made
to
be
paid
off
in
full.
They
were
not
made
to
be
monthly
payment
loans,
essentially
because
that's
what
they
were
trying
not
to
do
was
increase
any
monthly
payments
we
and
the
the
other
complication
in
making
kind
of
a
regular
payment
on
this
is
the
the
amount
that's
owed
is
kind
of
a
point
in
time
amount
owed
based
on
the
current
value
of
the
home.
L
L
Some
of
those
were
just
folks
deciding
to
refinance,
get
a
better
first
mortgage
and
roll
that
loan
up
into
theirs.
We
have
and
the
the
city
could
adopt
something
like
this,
but
it
gets
a
little
bit
more.
It
increases
the
servicing
time
of
this.
You
know
the
city
could
convert
those
loans
to
an
amortizing
loan,
but
you
have
to
you
have
to
pick
a
point
in
time
say
this
is
what
the
loan
is.
This
is
how
we're
either
going
to
pay
it
off
in
full
or
we're
going
to
amortize
it
out.
K
Yeah,
I
I
just
heard
you
talk
a
little
bit
about
that
that
some
people
make
payments,
so
I
absolutely
don't
want
to
over
complicate
it
with
this
already
complicated
stuff,
but
I
was
thinking
like
oh
wow
so
like
if,
if
a
payoff
like
that
affected
the
appreciation
value,
the
example
you
presented,
50
000
appreciation
they
pay
back.
Seventy
thousand.
If,
for
some
reason
somebody
came
to
windfall
and
they're
like
hey,
I'm
gonna
put
ten
grand
down
on
that.
Fifty
thousand.
K
So
now,
when
I
pay
back
only
oh
forty
thousand,
I
assume
they
would
still
owe
that
twenty
five
thousand
an
appreciation
at
the
end
of
the
day,
but
I
don't
want
to
further
mathematically
complement.
Some
people
were
doing
that.
I
just
didn't
know
if
that
was
something
we
would
address
in
the
policy,
regardless
of
how
we
move
forward
so
I'll
leave
it
there
just
to
not
further
make
it
mathematically
challenging
all
right.
Thanks
paul
sure.
C
I
I
On
the
appreciation,
when
you're
selling,
so
after
seven
years
of
a
loan,
someone's
gonna
at
200
000
would
have
paid
off
about
30
000
in
principle
that
they
would
have
contributed
themselves.
If
the
house
sells
for
less
than
250,
they
they're,
not
gonna
recoup
they're
gonna
lose
all
the
equity
that
they
put
in
the
house.
Is
that
correct.
L
L
I
And
so
in
your
example,
after
seven
years
that
person
net
what
they
put
into
the
house
would
have
had
about
95
96
000
worth
of
wealth
creation
from.
L
C
C
Okay,
all
right,
let's
hit,
I
think
it
was
scott-
was
I
think,
let's
go
with
scott.
I
think
I
saw
his
was
I'm.
C
A
Gotcha
mike,
thank
you
for
the
presentation
and
the
walk
through.
I
just
was
taking
a
couple
of
notes
and
it
was
just
going
to
ask
a
couple
or
a
couple
of
comments
and
questions.
First,
yeah,
that's
helpful
to
differentiate
between
shared
equity
and
shared
appreciation,
I'm
basically
seeing
that
as
a
form
of
a
positive
form
of
value
capture.
The
the
increment
goes
back
into
the
fun.
As
you
noted,
that's
the
goal
is
to
keep
it
revolving
and
sustainable.
A
L
Oh,
both
we
have
it's
it,
it
is
not
a
it
needs
to
the
home
needs
to
be
turnkey
completed.
It
can't
be
a
constraino
help
with
construction
financing,
but
definitely
new
homes,
existing
homes,
okay,.
A
And
then
I
guess
kind
of
the
just
a
quick
comment
I
mean
I
I
mean
you
know
we're
talking
a
lot
about
wealth
building.
I
guess
I
mean
just
just
from
my
approach
to
it,
because
I
am
building
I'm
building
my
own
house
to
try
and
beat
the
housing
market
or
create
some
stability
for
myself.
But
I
guess
it's
maybe
just
a
quick
aside
on
a
larger
policy
discussion.
A
I
see
the
benefit.
The
primary
benefit
of
this
program
is
creating
more
shelter,
a
secondary
benefit,
being
wealth
building.
So
it's
my
quick
commentary
on
you
know.
Obviously
this
has
a
wealth
building
component,
but
I
think
it's
kind
of
going
back
to
the
the
whole
purpose
of
it
just
to
increase
the
access
to
and
possible
creation
of
more
shelter.
So
my
quite
comments
on
that.
A
C
H
Babs
thanks
again
mike
my
question
is
about
what
happens
after
20
years.
I
know
that.
H
The
general
understanding
is
that
we
don't
see
a
lot
of
folks
who
stay
that
long
in
their
homes,
but
I'd
like
to
understand
what
the
implications
are
for
individuals
who
do
make
that
decision.
I
believe
I
heard
you
say
that
with
the
current
policy,
borrowers
that
stay
after
20
years
would
still
be
required
to
pay
pay
back
the
dpa
loan,
which
is
not
how
I
read
it.
I
saw
that
there's
a
reduction
by
10
every
year
between
from
10
from
20
to
30..
L
Sure
so
our
our
proposal
is
that
there
that
there
is
no
time
limit
on
the
loan
that
it
it.
It
remains
alone
on
the
home
indefinitely.
You
know
potentially
indefinitely
that
that
is
not
there's
no
forgiveness.
L
It
doesn't
doesn't
change
at
20
30,
it
doesn't
change.
You
know,
essentially,
ever
one
of
the
one
of
the
things
that
we
heard
and
have
suggested
again
as
a
as
a
potential
for
for
families
that
do
purchase
a
home
that
may
be
passed
on
to
other
generations
of
that
home.
Is
that
that
that's
fine
as
well
too,
the
the
the
there
doesn't
need
to
be
the
the
loan
is,
you
know,
should
be
repaid
only
when
the
home
is
sold.
There
could
be.
L
You
know,
allowances
for
homes
that
are
if
it
is
a
sale
or
transferred
to
to
children
that
the
that
that
that
that
lien,
you
know
remain
on
that
house
and
not
be
not
be
called
again.
Just
the
only
the
only
time
that
the
the
loan
really
is
being
repaid
is
when
you
know
that
that
homeowner,
or
maybe
the
family
of
that
homeowner,
is
you
know
really
not
using
that
home
anymore
and
that
the
the
funds
should
go
on
to
the
next
homeowner.
H
Okay,
as
some
of
the
models
that
are
out
there,
that
you
referred
us
to
show
or
reference
appraisals
being
made
on
the
home
after
a
certain
point
and
basically
a
requirement
for
repayment
of
shared
appreciation.
What
you're
saying
is
that,
as
from
20
years
until
infinity,
essentially
those
loans
would
never
be
called,
there
would
never
be
a
requirement
paid.
The
only
trigger
would
be
sale
or
transfer
to
a
non-family
member.
L
Except
for
one
other,
which
is
a
current
policy
now
the
homes
can't
be,
they
need
to
be
a
primary
residence.
They
cannot
be
an
investment
property,
but
that,
in
addition
to
that,
what
you
said
is
exactly
true:
it's
in
that
way
that
kind
of
infinity
it's
it's.
It's
lining
itself
up
with
with
a
community
land
trust.
You
know
that
that
land
under
the
home
is
always
owned
by
the
community
and
not
the
homeowner
anyway.
But
yes,
that's
correct.
E
So
mike,
thank
you
so
much.
This
has
been
an
amazing
presentation.
As
you
know,
in
asheville
there
are
maybe
35
homes
less
than
275
or
20.
You
know
who
knows
the
median
price
I
just
saw
the
other
day
and
the
paper
is
now
540
000.
E
So
what
if
I
mean
I'm
looking
at
this?
Fifty
thousand
dollars
that's
being
used
in
the
examples,
and
I
looked
at
what
was
happening
in
arlington
virginia
so,
first
time
home
buyers
up
to
112
500
towards
the
down
payment.
What
is
the
potential?
How
how
high
how
much
money
would
the
fund
be
able
to
to
to
go
to
home
buyers?
E
I
mean
knowing
that
we
have
very
few
homes
that
are
less
than
I
mean
you
can
find
some,
but
very
few
less
than
three
335
350,
four
three
three-bedroom
two-bath
house
and
the
condos.
Are
we
don't
even
have
any
in
that
price
range?
So
what
what's
the
story
there.
E
C
I
think
the
way
it's
it's
written,
the
policies
written
and
I
think
we,
I
think,
that's
another
discussion-
point
we're
going
to
have
separately
about
whether
those
numbers
should
be
adjusted,
but
I
think
right
now,
it's
I
believe
correctly.
If
I'm,
if
I'm
wrong,
I
think
it's
for
it's.
It's
either
40
000
or
30
000
or
35
000,
depending
if
it's
60.
C
L
Yeah,
it's
35
000
right
now
for
80
and
below
and
40
000
for
60
below.
We
would
argue
that
a
household
earning,
60
percent
or
below
area
median
is
going
to
need
a
lot
more
than
forty
thousand
dollars
to
buy
a
house
in
asheville.
I
do
think
that
marjorie
that
you
know
this
is
a
trajectory.
That's
gonna
continue
to
increase
and
it'll
probably
be
less
than
10
years,
when
we
will
need
a
hundred
thousand
dollars.
E
Well,
I
think
that's
I
mean
if
you
take
the
city
and
taking
this
out
of
it
and
we
don't
have
those
matching
funds,
I
think
it
really
restricts
what
the
city
will
be
able
to
do
more
than
likely,
but
mho
what
you
do
now
taking
apart
this
this
program,
just
you
yourself,
what
with
your
own
program
that
you
have
how
high
now.
L
Okay,
so
right
now
we
we
increased
our
loan
limits
to
forty
thousand
dollars
within
the
city
limits
and
thirty
thousand
dollars
in
buncombe,
county
and
and
other
counties.
So
our
our
loan
limits
right
now
are
currently
at
40..
Are
they
high
enough?
We
don't
know,
we
don't
think
so.
We'd
love
to
go
higher.
It's
it's
this.
How
do
we
decide?
You
know,
because
we
we
can.
You
know
we
have
a
lot
of
money,
that's
for
use
in
the
county,
but
we're,
but
we
are
seeing
some
loans
closed.
L
We
have
two
loans
in
process
right
now
in
the
city,
we're
helping
a
woman
purchase
a
very
small
one,
bedroom
750
square
foot
home
that
sneaked
under
the
you
know,
that's
229
thousand
dollars
and
she,
you
know,
is
going
to
be
purchasing
that
we're
helping
a
gentleman
purchase.
An
east
view
condominium
right
now
who
needs
a
lot
less,
because
the
the
purchase
price
there
is
less
so
it
can
happen
at
40,
the
window
of
who
it
can
help
obviously
increases
by
the
amount
that
you
can
lend.
L
So
you
know
it's
it's
the
it's
the
struggle
between.
Do
we
want
to
help.
You
know
less
people
with
more
or
more
people
with
less
and
it's
that's
a
hard.
That's
a
really
hard
question
and
I
I'd
love
some.
You
know
some
help
with
with
that
and
and
how
best
to
structure
that.
C
L
Usually,
with
north
carolina
housing
finance
agency,
new
homes
can
be
layered,
we've
recently
started.
This
is
you
know
not
in
the
city,
but
we've
we've
recently
started
partnering
with
habitat
of
henderson
county
to
where
we're
you
know,
applying
some
of
these
down
payment
assistance
funds
into
into
their
homes,
essentially
being
able
to
dig
even
you
know
a
little
deeper
into
some
lower
amis
with
folks.
L
C
Okay,
great
thanks:
duana
have
your
hand
up.
D
Yes,
so
as
we
talk
about
the
loan
and
it
being
indefinite
on
a
home,
I
I
think
about
the.
If
it's
no
forgiveness
and
the
intergenerational
debt
that's
applied
to
the
families.
D
If
say,
if
someone
dies
say
the
person
who
originated
the
loan
passes
away,
and
so
the
kids
inherit
the
home.
It's
not
a
sale.
It's
not
a
it's!
A
transfer
of
the
home
that
level
like
is
their
room
and
within
your
policy
that
that
considers
that
as
well,
because
that's
like
I'm
thinking
about
the
intergenerational
dick
that
is
applied
to
this
loan,
if
the
forgiveness
is
taken
out
say
the
forgiveness
is
taken
out.
Is
there
a
way
to
put
in
policy
or
in
this
process
that
forgiveness
of
death,
which
is
uncontrollable?
D
So
you
know
what
I
mean:
it's
a
natural
part
of
life,
but
like
so
that
the
kids
are
not
inheriting
the
debt,
the
it's
not
a
transfer
of
debt,
with
something
such
as
extreme
as
that,
and
so
I'm
just
trying
to
think
of
other
ways,
because
for
me
the
thought
of
the
unforgiveness
of
this
loan,
even
the
30-year
10
20
years
and
then
10
years,
10
percent
that
is
originally
proposed
in
this
when
the
city
policy
is,
is
a
long-term
extreme.
D
It's
like
this
kind
of
stream
and
when
I
look
at
other
down
payment
assistance
programs,
I've
seen
10-year
free
and
then
the
forgiveness
kicks
in
I've
seen
different
models
of
that
forgiveness
process,
so
we're
considering
it
taking
it
out.
Is
that
a
consideration
as
well
as
far
as
trying
to
minimize
the
debt
on
future
generations
like
this
is
we're
talking
about
a
model
that
applies
intergenerational
debt
to
to
families,
especially
we're
looking
at
the
lower
income
ranges?
D
So
that's
the
already
financially
stressed
you
know,
I
mean
market
of
community
and
then
to
apply
the
debt
of
with
unforgiveness
and
inheritance
of
debt.
It's
just
like
it's
uncomfortable.
So
I'm
just
trying
to
figure
out
like
if
that
is
possible.
Is
that
something
that's
been
considered?
Is
it
part
of
the
process
already
and
is?
D
Is
it
some
way
that
we
could
look
at
minimizing
it,
but
so
it's
not
inherited
it
with
this
process
like
not
to
say,
like
I
look
like
me,
you
have
talked
and
I've
seen
this
presentation
and
I've
seen
you
know
what
I
mean,
everything
that
your
program
currently
offers,
and
I
understand
the
consideration,
because
I
would
love
for
this
process
to
be
able
to
be
something
that
can
be
a
recurring
fund
to
the
point
of
matching
funding
to
be
able
to
reach
more
people
with
this
product,
but
I'm
just
trying
to
figure
out.
D
How
can
we
minimize
the
burden
on
the
borrower
when
we're
looking
at
them
lower
amis,
which
is
already
financially
stressed,
part
of
our
community,
and
especially
now,
let's
give
kovy.
Let's
give
the
job
like
we're
talking
about
right
now
and
looking
forward,
and
I
just
like
I
guess
that's
what
I'm
trying
to
figure
out
is
like.
Is
there
room
to
consider
some
less
stressful
ways
of
minimizing
that
dead
on
on
community.
L
I
I
hear
I
hear
that,
and
I
don't
like
the
I
do.
Have
I
don't,
even
though
I
I
say
it,
I
mean
this
is
a
permanent
loan
and
but
I
do
believe
that
there
may
be
difference
between
this
type
of
loan
and
a
debt,
because
what
we're?
What
we're
shooting
for
is
that
that
you
know
is,
is
a
is
a
is
a
loan
that
never
has
to
be
repaid.
Is
it
debt?
L
You
know
in
the
scenario
where,
where
a
family
inherits
a
home
from
a
parent
at
some
point
there
there
is
a
there.
Is
that
net
that
that
asset
value
that
that
that
home
is,
is,
and
especially
in
asheville,
that
home
is
worth
a
considerable
considerable
amount,
and
so
they
there
may
be
a
you
know
this
loan
on
the
property,
but
it
doesn't
have
to
be
repaid.
L
It
only
has
to
be
repaid
if
they're
selling
the
house
and
and
generating
this
well,
you
know
and
and
and
obtaining
the
wealth
from
from
the
sale.
You
know
the
only
other,
it's
that's
it's
that
would.
It
would
be
hard
to
do,
and
I
the
only
other
thing
that
I
can
add
to
that
is
this-
that
permanent
nature
of
the
of
that
loan
is
is
similar
to
a
land
trust
the
land
trust
permanently.
You
know
kind
of
holds,
holds
the
land
under
the
house.
You
never
really.
L
You
don't
really
own
that
you
have
your
ability
to
to
buy
a
land.
Trust
house
is
made
by
the
fact
that
you're
you're
paying
less
for
that
house,
because
you're
not
really
buying
the
land
that
land
is
never
never
released.
It's
a
it's
permanently
there,
so
it's
it's
always
going
to
be.
It's
always
going
to
be
recovered
by
the
community
when
the
home
sells
and
and
that's
essentially
what
what
what
this
mechanism
is
is
trying
to
do
it's
it's.
B
L
You
know
gift
in
asset
later,
but
I
I
I
do
hear
I
do
hear
the
concern
on
you
know
intergenerational
debt,
that
concept
I
I
don't
feel
that
that's
what
this
is
creating
because
of
the
fact
that
it
isn't
really
there.
It
may
never
be
due
or
you
know
in
any
way.
I
don't
I
may
be
struggling
with
that
a
little
bit,
but
that
I
don't
have
a
solution
for
making
that
kind
of
a
change.
L
D
But
I
also
get
the
benefits
of
the
land
trust
hole
in
the
hole
in
the
land
and
the
cost
associated
with
it,
for
the
permanent
affordability
and
given
the
initiatives
around
it
and
how
it
was
structured
and
the
benefit
to
the
buyer
or
the
borrower.
The
person
who
purchasing
the
land,
the
house,
and
so
I
completely
get
that.
But
what
I'm?
D
What
I'm
asking
is
that
with
this,
when
I
say
intergenerational
debt
and
and
and
the
reason
why
I'm
saying
that
is
because
first
this
proposal,
the
initial
proposal
for
that
was
requesting
the
rfp
and
how
it
was
originally
presented
to
ahag-
was
that
this
was
a
pilot
program
to
it's.
For
and
forgiveness,
was
a
part
of
this
pilot
program
and
it
was
decreased
home
ownership
within
asheville
area
for
lower
income
residents.
D
And
so,
as
I
think
about
that-
and
I
think
about
my
father
was
we
bought
a
house
and
we
got
this
loan
and
we
got
this
down
payment
assistance.
This
second,
the
soft
second
and
my
father
passed
away
unexpectedly,
and
I
already
have
a
home
that
I
own
and
I
want
to
sell
his
home
now,
I'm
paying
back
that
did
so
like
the
wealth
generation
of
it
is
like
it's.
It's
like
a
pro
and
con
to
me.
D
It's
like
I'm,
because
now
I'm
paying
back
down
payment
assistance,
and
I
maybe
because
I
know
what
how
this
program
was
originally
proposed
and
been
a
part
of
that
conversation
for
the
last
two
years
is
is
what's
making
me
uneasy,
because
that
shift
in
the
unforgiveness
and
then
it's
like
even
in
the
depth
of
the
original
borrower
who
say
they
stayed
in
the
house
30
years
or
40
years.
You
know
what
I
mean,
and
now
the
kids
inherit
their
debt
when
selling
the
house.
D
I
just
I
feel,
like
the
appreciation
of
your
program,
the
the
value
that's
taken
out
with
the
appreciation
of
your
program,
say
the
house
didn't
or
say
it.
They
appreciate
it
by
25
000,
like
any
like
any
appreciation,
because
I
think
about
the
interest.
That's
gained
off
the
money,
that's
sitting
in
accounts
is
that
going
back
into
the
program.
D
Is
that
all
interesting
everything
from
the
accounts
that's
holding
the
money?
And
everything
like
is?
Is
that
going
back
into
the
program
or
is
that
going
into
the
administration
of
the
program
through
y'all's
agency,
which
is
a
sound
agency
on
the
burdens
of
the
debt
applied
to
the
borrower
and,
like
the
community,
is
already
stressed?
And
so
I'm
just
like
I'm
struggling
with
that
notion,
but
I
also
think
about
the
refinance
and
if
that's
not
already
a
part
of
your
program
for
the
second,
the
seconds
off,
so
somebody
try
to
refinance
for
college
education.
D
I
need
to
pay
for
my
kids
to
go
to
college
and
they
can't
take
the
money
out
because
it's
not
already
a
part.
It's
a
consideration,
as
you
explained
it.
If
I'm
correct,
it's
something,
that's
being
considered
like
how
do
we
apply
those
tools
that
make
it
a
real
wealth
generation
tool
that
to
the
person
not
like,
I
get
on
you
outside
the
revolving
fund,
but
to
the
actual
people,
the
borrowers,
and
how
do
we
support
that?
C
Can
I
just
ask
because
I'll
just
one
thing,
because
we
have
a
wait,
we're
less
than
30
minutes,
so
we
have
to
kind
of
work
on
wrapping
up,
but
just
to
clarify
mike.
If
someone,
if
the,
if
the
homeowner
passes
it,
it's
does
not
have
to
get
paid
off
if
it
until
it
sells.
So
if
it
it
it
can,
you
said
it
can
be
inherited
by
the
family.
Is
that
correct.
C
K
Okay,
it's
paul
here
if
I
can
quickly
jump
in
you
know
at
30
minutes,
but
just
letting
everybody
know
like
there
are
certain
things
that
we
can
still
discuss
and
hash
out
over
later
times.
That
don't
need
to
be,
in
my
opinion,
necessarily
decided.
K
You
know
today
or
how
we
move
forward
and
we'll
figure
out
what
that
looks
like
at
the
end
there.
But
if
this
question
of
the
transferring
and
then
eventual
you
know
whatever,
we
could
figure
that
out
in
a
update
to
the
policy
or
review
of
the
policy,
because
that
might
take
a
lot
more
community
discussion
or
something
like
that,
I'm
just
to
put
that
out
there.
I
don't
want
to
speak
for
mike,
but
I
you
know
we
can
have
additional
conversations.
K
This
is
one
reason
that
the
city's
community
development
staff
was
worried
about
running
this
ourselves,
because
there
were
so
many
things
that
came
up.
We
didn't
know
how
to
get
a
handle
on
it,
to
put
it
in
one
policy,
which
is
why
we
were
looking
for
a
partner
who
had
experience
so
just
to
put
that
out
there.
Thank
you.
C
And
I
think
you
know,
I
think
that
beyond
you
know,
one
of
the
you
know,
regardless
of
you,
know
what
we
do
today.
I
think
you
know
what
about
what
what
our
committee
is
going
to.
You
know
really
look
at
assisting
on
a
continuing
basis
is
for
the
down
payment
program.
How
do
we
help
market
it?
How
do
you
know
it's
not
just
so
where
the
proposal
for
mount
housing
is
to
administer
the
program.
It's
not
the
where's,
the
city,
and
we
are
still
partners
in
this.
C
So
it's
still,
we
still
have
the
you
know
the
obligation
and
we
can
do
whatever
we
can
to
to
market
this
and
make
sure
that
the
program
gets
in
the
hands
of
the
people
who
need
it
the
most,
and
I
think
you
know
that's
where
our
you
know
continuing
committee
efforts
will
be
on
really
the
the
outreach
and
the
marketing.
You
know
that's
kind
of
what
we
discussed
at
setting
up
our
our
task
force's
with
our
some.
You
know
our
our
task
forces
that
could
connect.
C
The
part
will
really
be
about
how
to
make
sure
we
get
this
in
the
hands
of
the
people
who
need
it.
The
most
so
we've
got
20
about
20
minutes
left
and
I've
got
a
couple
of
hands
up.
So
I'll
want
to
get
to
you,
but
I'm
going
to
ask
if
you
could
just
kind
of
keep
it
brief,
so
we
can
kind
of
get
to.
You
know,
get
to
see
if
we're
ready
to
take
to
do
a
vote
on
this.
C
I
can't
see
everyone
I
see.
Babs
has
a
hand
up.
I
think
I
saw
andy
is
anyone
else
and
I
think
counselors.
C
Okay,
let's
take
internet
and
then
we'll
move
through
from
there.
N
Okay
and
thank
you
and
not
looking
for
an
answer
during
that
this
process,
I
do
in
piggybacking
off
of
tawanna.
N
When
this
comes
to
hcg
paul,
I
would
be
interested
in
knowing
what,
if
any
federal
income
tax
implications
would
apply
if,
when,
after
the
death
of
a
parent
a
home
is
transferred
and
that
second
death
debt
were
to
be
wiped
away,
I'm
wondering
if
that
will
be
considered
a
gift
for
tax
purposes,
thereby
opening
the
children
or
whoever
receives
it
to
additional
tax
implications.
N
C
Babs,
let's
see
let's
see,
but
let
me
just
make
sure
I've
got
it
around.
So
it's
babbs,
scott
and
andy
is
that
everyone.
H
Okay,
all
right,
thank
you
so
to
address
dowana's
concern
about
intergenerational
wealth
or
potential
debt
burden.
H
H
Others
who
would
not
have
had
to
pay
back
the
shared
appreciation
in
this
asset
and
so
now
and
so
have
access
to
more
opportunity
because
they
don't
have
to
pay
this
back.
So
you
have
a
group
or
generation
of
individuals,
then,
who
are
still
behind
so
to
the
extent
that
we're
looking
at
this
as
a
way
of
providing
housing
and
also
providing
wealth
creation
and
generation.
L
L
This,
the
the
way
this
shared
appreciation
mortgage
also
can
be
looked
at,
is
a
homeowner
who
can
buy
a
house
in
in
buncombe
county
or
have
to
buy
a
house
way
out
in
haywood
county
to
commute
into
asheville
or
what
or
wants
to
buy
a
smaller
home
in
asheville
and
can
afford
to
buy
that
home
without
a
down
payment
assistance
loan,
both
both
homeowners
in
a
homeowner
that
needs
the
down
payment
assistance
loan.
L
L
There
is
equality
there
that
it's,
not
my
home,
that
has
a
down
payment
assistance
loan
on
it
is
appreciating
at
the
same
rate
as
my
neighbor's
home,
and
I'm
seeing
all
the
appreciation
of
everything
that
I
you
know
put
into
the
house
of
all
of
the
equity
that
I
originally
invested
in
the
home.
I'm
seeing
all
that
appreciation,
just
as
as
my
neighbor
did.
What
what's
different
is
that
that
small
amount
that
that
made
all
this
possible
for
me
to
own
the
home
is
is
kind
of
the
the
communities
and
and
kept.
L
I
don't
know
that
I'm
answering
your
question.
I
do.
I
do
hear
the
concern
about
about
not
you
know
about
one
being
equal
from
another,
but
I
I
think
that
all
ends
up
with
the
the
only
way
to
to
really
solve
that
again
or
you
know
is-
is
a
forgiveness
structure,
and
you
know
the
city
you
all
the
city
may
decide
that
this
this
money
really
had
a
different
intention.
I'm
not
sure
that
it
did
it
was.
L
It
was
framed
as
a
down
payment
assistance
loan-
I
don't
know,
but
all
I
can
all
I
can
offer-
is
kind
of
a
little
bit
of
how
we
have
handled
things
and
how
we
would
handle
it
if
we
were
to
administer
it
and
and
if
it's
decided
that
that
that's
not
the
case,
you
know
that's
fine,
we
will
go
on.
L
You
know
with
our
thing
and-
and
these
funds
can
be,
could
could
be
reworked
into
into
anything
that
the
you
know
the
city
decides
that
they
want
to
do
with
them.
It's.
C
It's
a
tr,
I
mean
it's
definitely
a
tricky
one
and-
and
I
think
really,
you
know
the
the
main
thing
that
when
we
look
at
what
is
the
purpose
of
what
we're
doing
with
this,
and
if
the
I
mean
I
look
at
it
and
I
think
our
committee's
main
purpose,
it's
to
get
people
in
housing
is
to
get
it's
to
get
people
in
affordable
housing
and
we're-
and
I
know
that
the
the
equity
building
is,
is
a
discussion
point.
But
that's
not
what
the
to
me
it's
like.
C
That's,
not
the
primary
goal
of
what
we're
trying
to
do
and
we're
getting,
and
it
would
really
and
that
you
know
and-
and
I
think
that's
the
big
debate
here,
but
it's
like
we're
trying
to
create
a
program
to
get
people
into
housing
now
and
there's
a
need
now
and
we
have
a
program
and
we're
now
taking.
You
know,
I
think
you
know
paul
paul
d'angelo
is
there
so
it's
like
every
year
we're
going
to
look
at
these,
assess
our
policies
and
see
if
we
can
adjust
them
and
change
them.
C
But
you
know
there's
such
a
need
now
that
you
know,
I
think
the
equity.
You
know
how
to
deal
with
the
the
equity
conversation
and
intergenerational
wealth
building.
It's
you
know
it's
important,
but
that's
it's
a
it's
to
me.
It's
it's
a
secondary
thing
and
I
want
to
make
sure
we
keep
focus
of
putting
people
in
affordable
housing.
K
Barry
I'm
going
to
make
a
quick
clarification
because
I
know
times-
and
I
apologize
everybody,
but
I
do
you
know
I
don't
want
to
jump
ahead
to
motion
or
anything
like
that,
but
I
you
know
looking
at
this
from
a
staff
perspective
and
you
know
whether
there
will
be
a
vote
or
not.
K
I,
in
my
suggestion-
and
I
may
lean
on
sam
for
a
hot
minute
there
is
that,
with
this
discussion
we
still
we
should
bring
a
full
policy
back
with
all
these
discussion
points
if
everyone
agrees
to
let's
proceed
with
mho,
but
we
need
to
see
what
that
looks
like
per
policy,
I'm
just
trying
to
guide
us
towards
some
kind
of
decision
today,
but
I
definitely
think
spelling
this
out
in
a
policy
is
very
important
to
give
more
time
and
bring
that
back
april.
1St,
which
is
our
next
meeting
I'll.
K
C
D
To
move
through
yeah
barry,
I
I
like,
I
get
it
and
I'm
reading
this
comment
from
some
a
public
comment
that
was
sent
to
us
as
well.
I
feel
like
this
process
like
we're
yet
again,
like
in
last
meeting,
rushing
this
process
to
make
a
decision
and
move
forward
yet
again
without
the
policy
and
without
an
agreement
on
a
policy
like
I'm
like
that
makes
me
uncomfortable.
I
want
to
see
like
if
we're
going
to
agree
to
move
forward
with
mho.
I
want
to
see
a
policy.
D
In
our
conversations
when
I
think
about
the
percentage
of
people
of
color
who
have
had
access
to
their
lending
services-
and
this
is
17
per
my
conversation
with
mike
I'm
like
I
have
like-
I
still
have
major
concerns-
and
yes,
our
major
goal
is
to
get
people
into
housing.
But
it's
also
with
the
consideration
that
lower
income
people
in
our
city,
which
we
know
are
not
making
a
living
wage,
which
we
know
the
dynamics
on
the
economic
side
of
things,
is
not
do
not
might
not
qualify
for
these
products.
D
That's
already
here
for
the
more
the
upper
income
amis
to
have
access
to
a
project
to
a
down
payment
assistance
that
the
lower
income
amis
don't
have
access
to,
because
we
are
not
taking
the
due
diligence
to
take
to
make
sure
that.
C
I
I
hear
you
do
honor,
but
I
I
disagree
a
little
bit.
I
mean,
I
think
I
think
we
basically
have
a
proposal
and
there's
just
a
yes,
that
we
don't
we
and
we're
yeah.
I
mean,
I
think
yeah.
There
is
the
question
about
the
forgiveness
or
not,
I
think,
but
we're
also,
you
know
we're
a
piece
of
it
to
move
it.
You
know
so
it
comes
along.
D
Not
just
the
forgiveness,
it's
several
parts
of
the
policy
that
we
have
been
discussing
and
debating
in
this
conversation
so
to
make
a
motion
to
approve
something
that
we
are
still
debating.
It's
just
like,
like
that's
just
not
a
good
move.
I
don't
I
just
disagree,
and
so
I
will
leave
it
up
to
the
rest
of
the
committee,
but
I
disagree
with
us
moving
on
with
a
process
that
we
cannot
agree
on
and
a
policy
to
there's
just
health
hazard
when
we
don't
have
all
the
information.
D
Let
me
see
the
policy
recommendations
and
the
changes
that
we've
been
discussing,
and
then
we
can
move
forward
with
this
conversation
but
to
move
forward
before
we
actually
receive
that.
It's
just
have
happened
to
me
and
it's
like
we're,
making
a
mistake
to
go
back
and
try
to
fix
later.
That
don't
make
sense
to
me.
Can.
D
J
I'm
confused
because
it
looks
like
in
the
chat.
What
paul
is
saying
is
that
he's
that
we're
not
moving
forward
with
recommending
mho's
policy?
It
sounds
like
what
paul
is
saying
in
the
chat.
Is
that
we're
offering
to
update
the
policy
and
come
back
and
see
if
we
would
move
forward
with
mho
is?
Is
that
what's
happening
or
because
somebody.
C
C
K
My
suggestion
would
be
and
again
hearing
and
trying
to
balance
all
this,
like
we
always
have
to
do.
Is
you
know,
hearing
dwana
about
like
the
importance
of
seeing
it
in
writing,
and
I
completely
agree
with
that
and
what
I
was
my
suggestion
would
be.
Is
we
do
not
have
to
approve?
In
my
opinion,
we
need
to
see
a
full
policy,
so
we
do
not
with
these
suggestions
of
what
this
would
look
like
if
we
did
go
with
mho
and
I
think
that's
important
to
see
in
a
policy
a
hack
is
specifically
for
policy.
K
I
think
it's
important
to
see
what
this
policy
would
look
like
with
some
changes
that
I
think
everyone
agrees
upon,
as
well
as
what
it
would
look
like
in
the
policy.
If
we
went
ahead
with
mho
and
then
we
can
go
through
that
policy
and
then,
if
that
everyone
has
agreed
to
it,
the
next
meeting
and
votes
on
that
and
that
aligns
with
what
mho
is
is
hoping
to
do
or
mostly
does
then
I
think
that's
when
the
vote
would
occur.
But
for
me,
ahack
is
all
about
policy.
K
You
all
need
to
see
a
draft
policy.
I
think
we
could
color
things
in
green,
that
everyone
agrees
upon
polar
things
in
yellow
that
are
a
question
mark
like
hey.
This
is
where
we
talked
about
forgiveness,
and
then
this
is
where
mho
wants
us
to
go.
It
needs
to
be
seen.
It
gives
everybody
more
time
to
think
about
this
and
the
community
aspect,
which
was
what
city
management
wanted
to
make
sure
we're
giving
people.
I
think
that's
the
best
way
to
go,
and
I
think
we
need
to
get
policy.
In
my
opinion,.
J
K
K
Correct
again,
if
we
solve
policy
and
and
the
one
part
about
the
forgiveness
just
know
what
you
can't
and
that's,
then
we
would
go
event,
not
vote
for
it
and
go
back
to
rfp,
but
I
do
think
you
can
see
it
in
writing.
I
hope
everyone
agrees
with
that.
I
don't
want
to
stall
the
process,
but
this
is
really
important.
Conversation
foodie
management
wanted
us
to
get
feedback
and
I
think
we
would
be
doing
justice
by
bringing
it
out
on
april
1st.
K
You
would
be
making
a
motion
to,
I
believe,
asked
they
have
to
update
the
policy
to
update
the
down
payment
assistance
policy
and
bring
it
back
in
april,
with
discussion
items
agreed
upon
and
in
discussion
from
today.
Something
like
that.
Christina.
B
K
C
D
C
So
we'll
we'll
do
an
official
roll
call
on
this.
So
second
was
from
paul
heathman
any
discussion.
Yes,
andy.
C
F
I
don't
know
exactly
how
the
current
policy
that
this
committee's
already
voted
to
approve
is
going
to
be
changed
when
it
comes
back
to
us
in
april.
Is
it
I
mean
because
the
the
the
changes
that
we're
discussing
are
two
are
between
mho's
recommendations
and
the
policy
that
was
approved
so
it
feels
like
are?
We
is
the
change
that
staff
is
going
to
make
to
the
policy
to
move
it
more
in
alignment
with
mho.
K
And
so,
if
I
can
clarify
there,
I
think
it's
important
that
if
you
guys
approve
this
without
seeing
the
policy
without
seeing
these
things
in
writing.
I
I
don't
think
that
that's
prudent.
In
my
opinion,
you
all
should
be
approving
the
actual
policy,
and
I
think
it's
important
to
be
seen
in
writing
that
everyone
can
walk
through
that,
whether
it's
simple
changes
that
we've
talked
about
like
we
really
need
to
talk
about
upping
the
limit
of
40
000,
where
we
can
do
that
and
that
would
be
probably
agreed
upon
by
everything.
K
The
big
one
is
obviously
repayment
and
an
opportunity
to
tell
that
story
in
the
policy
for
everyone
to
see
in
writing.
Because,
technically
you
all
approve
policies,
and
you
guys
see
the
draft
to
approve
right
now,
there's
nothing
to
be
seen
and-
and
I
feel
like
that
is
a
really
important
part
of
this
process-
to
actually
see
a
fully
full
draft
policy
that
we
we
move
forward
to
hcd.
K
C
Talked
about
the
mho,
we've
actually
made
a
motion
to
move
it
already
a
couple
meetings
ago,
and
but
we've
we've
actually
never
seen
the
there
are,
we've
never
seen
their
their
actual
proposal,
we're
just
talking
about
it.
So
basically
what
what
the
motion
does
is?
It
basically
takes
all
these
things
that
we've
been
hearing
and
talking
about
that
are
in
the
response
and
putting
them
into
the
policy.
So
it's
updating
that
way.
We
don't
have
we're
we're
looking
at
updating
the
policy,
so
it
is
in
line
with
what
the
proposal
is
absolutely.
K
That's
correct:
you
see
it
in
writing
and
that's
what
should
be
voted
on
plus
also.
I
think
the
30
days
gives
everybody
a
chance
to
continue.
I
would
recommend
we
dedicate
most
of
the
next
meeting
to
this
topic
as
well,
and
then
I
think
april
1st
is
is
a
time
we
can
figure
it
out.
Whatever
you
all
decide,
you're
the
board.
C
E
F
Procedural
thought
and
comparison,
I'm
think
about
the
the
way
this
program
has
been
launched,
with
a
million
dollars
in
bond
fund
and
the
community
land
trust.
I
mean
we
didn't
when
this.
When
the
city
allocated
that
award,
we
didn't
look
back
at
the
you
know
what
their
resale
formula
was
going
to
be
or
any
of
those
sorts
of
things.
The
decision
was,
this
group
is,
has
been
created
and
is
qualified
to
make
programmatic
decisions
for
how
this
money
will
be
expended.
F
Is
that
a
better
way
for
us
to
think
about
doing
this
doing
this
dpa
program
to
find
an
organization
that's
qualified
to
do
to
administer
funds
for
this
purpose
and
then
not
get
so
far
down
in
the
weeds
I
mean
we
could
have
probably
had
this
same
conversation
around
the
you
know
how
the
community,
land
trust
decided
to
structure
its
resale
formula,
which
is
what
we're
talking
about
right
now
about
the
with
the
dpa
model.
F
We
didn't
do
that.
We
said
we
trust
this
organization,
we're
going
to
let
them
run
with
the
with
developing
the
program
and
implementing
it.
So
is
that
I
mean:
is
that
another
way
that
we
could
get
this
done
if
we
that
might
cut
through
the
knots
that
we're
in
right
now.
C
Maybe
I
mean
yeah,
I
mean
I,
I
yeah
we're
it's
hard,
I
mean
yeah.
It's
like,
I
think
the
difference
is
like
it's
kind
of
mike
started,
saying
it's
like
he
applied
it's
like
applying
for
a
job
but
asking
to
change
the
job
description.
C
So
basically,
what
we're
now
saying
is
we're
just
saying
now:
let's
change
the
job
description
and
that's
what
basically
what's
going
to
come
to
us
it's
so
that
way
we
are
we're
listening
to
them,
we're
going
to
take
what
their
concerns
were
their
thoughts,
we're
going
to
put
that
into
the
policy.
So
that
way,
what
we're
going
to
review
next
meeting
is
that
draft
policy,
that's
more
in
line
with
what
our
partner
has
said
that
they
can
implement.
C
D
Yes,
I
want
to
speak
to
andy's
comparison
to
community
land
trust.
First
of
all,
the
dpa
assistance.
The
down
payment
assistance
program,
was
a
proposal
project
from
the
city,
not
from
community.
So
that's
a
dynamic
difference.
The
city
was
implementing
the
dot.
The
dpa
assistance
originally,
but
with
limited
capacity,
has
shifted
to
the
rfp
process
over
the
years
so
that
somebody
else
could
facilitate
it.
So
that's
what
gets
us
down
into
the
weeds,
but
if
I'm
burying
that-
and
you
just
said
something-
that's
got
me
like.
Okay,
so
paul
correct
me
if
I'm
wrong.
D
If
this
is
this
policy
that
will
be
coming
to
us
for
april,
1st
will
also
include
the
discussion
items
that
we
have
been
discussing
today.
As
far
as
I
think
they
said,
the
city
would
have
to
implement
the
taking
out
of
money
like
if
they,
if
somebody
needed
to
leverage
the
money
to
be
able
to
take
money
out
of
their
home,
the
city
would
have
to
have
that
as
a
part
of
their
policy
as
mike
referenced
as
a
part
of
our
policy.
K
So
I
have
about
eight
bullet
points
of
things
that
I
think
I
need
to
take
a
look
at
with
this
policy
and
and
again
I
think
I
will
address
those
in
a
draft
as
margie
said,
and
then
I
will
find
a
way
to
color
code
things.
Perhaps
that
seem
to
be
agreed.
There's
a
general
agreement
on
and
then
put
in
red.
K
You
know
the
ones
that
perhaps
are
the
big
discussion
item
which
ultimately,
it's
going
to
be
forgiveness
versus
payback,
I'm
sure,
but
it's
I
think
again
repeating
myself
and
I
apologize
but
very
prudent
that
we
see
it
in
writing.
I
don't
have
to
dive
off
the
deep
end
to
all
of
this,
but
I
think
I
can
do
it.
I
can
get
it
in
writing.
I
don't
want
to
stall
the
process,
but
this
is
good
community
conversation.
City
management
wanted
us
to
have
this
type
of
conversation.
I
J
B
C
Everybody,
I
think,
that's
everybody
all
right.
Thank
you.
Some
motion
carries
on
that.
Thank
you
thank
you
and
so
we'll.
Yes,
we'll
have
that
to
review
for
our
next
meeting.
Do
you
think
when
I
I
know
I
know
you
don't
have
anything
else
on
your
plate.
Paul.
C
K
I
mean
ideally
with
something
like
this.
I
mean
you'll,
be
reading
the
policy
I'll
try
to
get
it
out
the
friday
before,
but
at
the
latest
would
be
monday
at
5
00
p.m.
Whatever
that
monday
is
march
29th,
I
think
so
by
5
pm
to
give
you
all
and
again,
if
we,
you
know,
pause
a
few
things
on
a
hack
and
have
majority
of
the
gpa
conversation.
K
I
you
know,
I
would
recommend
it
the
next
meaning
that
we
at
least
make
a
motion
to
approve
the
policy
as
is
or
not,
and
then
that'll
give
us
further
direction,
and
then
we
can
share
this
with
the
second
floor
city
management.
Folks
and
I
think
that's
a
good
plan
and
I'll
get
it
out
as
soon
as
I
can
cool.
C
All
right
well
thank
y'all,
and
it's
just
it's
important
to
have
these
conversations
and
we're
not
always
gonna
agree
on
things,
but
you
know
I
think
it's
we
try
to.
We
try
to
meet
in
the
middle
and
that's
what
any
kind
of
part
you
know.
Partnership
or
balance
is
about,
but
yeah
it'd
be
nice
to
get
all
this
discussion
into
kind
of
one
document
that
we
can
review
and
for
our
next
meeting.
C
So
thank
you
all
we
did
receive.
You
know
I,
you
know
we
did
receive
one
public
comment
that
is
in
the
the
posted
that
I
think
I'm
supposed
to.
C
M
C
Sorry
about
this
okay,
so
we
received
one
public
comment
from
tracy
thompson
says
hello,
I'm
another
buncombe
county
resident
that
is
concerned
about
housing
opportunities,
lack
of
down
payment
forgiveness.
This
should
be
upfront
and
those
of
low
income
should
have
input
on
this.
This
mho
proposal
felt
rushed
through
with
an
emergency,
a
hack
meeting
and
then
quickly
sent
to
council,
regardless
of
whether
mho
is
offering
a
loan
without
interest.
Any
contract
attached
to
affordable
housing
should
not
request
those
experiencing
poverty
to
repay
the
down
payment.
C
Thank
you
for
that.
We'll
get
back
to
the
screen,
so
I
can
see
more
so
with
that.
Thank
you
all
we're
right
about
five
minutes
over.
So
thank
you
for
your
patience
with
that
and
adjourn.
This
meeting
see
y'all.