by Leslee Kulba
Wild West blogger
Over a decade ago, talk began about developing The Block in downtown Asheville. Ever since, news has trickled in about this grant or that grant, this new partnership or that, but nothing is being done. Tonight, city council will go through the motions for awarding another $718,000 HUD loan. I would be interested in a full accounting of public dollars received and how they have been spent.
The original project’s estimated total development cost was $2,413,514. Sources included the Section 108 loan ($800,000), Grants, including CDBG and HUD EDI grant funding ($870,000) and equity of $743,514. The current commercial-only project estimated total development cost is $2,351,678, and includes HUD Section 108 funding ($718,000); NeighborWorks Capital loan ($1,509,172) and grant or deferred loans of $124,506.