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Asheville Leaders OK Fund To Help With Housing Down Payment

Asheville City Hall

Asheville city leaders have approved more than $1 million to help teachers, municipal workers and the poorest residents buy homes.

Earlier this week, the Asheville City Council approved the policy that will provide $1.4 million for down payment assistance.

The Asheville Citizen-Times reports that of that amount, $500,000 will go to people earning $25,763 or less a year. That figure could change annually.

The minimum loan amount is $5,000. The maximum is 20 percent of the home's value. Recipients must provide $1,000 that isn't borrowed for a down payment from their own assets.

The plan is funded by $1 million in bond money and $400,000 from the city's Affordable Housing Trust Fund and the Federal Home Loan Bank of Atlanta.

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