Villas at Fallen Spruce

15 Fallen Spruce Dr, Asheville, North Carolina 28806

Contact Villas at Fallen Spruce

The beautiful Villas at Fallen Spruce is a brand new community slated to open in the fall of 2015. They offer affordable living in one and two bedroom apartments for individuals at least 55 years of age or 45 years of age and disabled. Their homes are equipped with energy efficient appliances and windows to help keep your costs down. Their apartments feature central heat & air, deluxe cabinetry and counter-tops, safety features and much more.

Their property amenities include a community room, laundry facilities, computer center, exercise room, picnic areas, and a library. They are conveniently located close to schools, shopping, and restaurants. Please call their friendly staff at 828-774-5998-to find out about the application process.

Unit (Bd/Ba)	Ft²	Rent
1 Bedroom (1/1)	792	From $244 To $556
2 Bedroom (2/1)	1092	From $285 To $660

Eligibility for Villas at Fallen Spruce

Generally, households earning up to the income limit in the table below for their household size are eligible for units participating in the Low-Income Housing Tax Credit program in Asheville but actual income limits may differ for units at Villas at Fallen Spruce.

AMI Band	1 Person	2 Person	3 Person	4 Person
Very Low Income (50%)	$29,750	$34,000	$38,250	$42,500
Low Income (60%)	$35,700	$40,800	$45,900	$51,000

Villas at Fallen Spruce Details

55 one and two bedroom units.
Low-Income Housing Tax Credit (LIHTC)
HOME Investment Partnerships Program
Section 538 Guaranteed Rural Rental Housing

Property Amenities

Elevator
Fitness Center
Community Room
Laundry Room
24hr Emergency Maintenance
Snow Removal
On-Site Maintenance
Computer Room
Picnic Area
Community Kitchen

Unit Amenities

Air Conditioning
Ceiling Fan(s)
Dishwasher
Washer and Dryer Hookup
Water Trash and Sewer Included
Bathroom Grab Bars
Intercom System
Central Heat & Air
Cable & Internet Ready

Office Hours

Day	Hours
Monday	10:00am-3:00pm
Tuesday	10:00am-3:00pm
Wednesday	10:00am-3:00pm
Thursday	10:00am-3:00pm

Low-Income Housing Tax Credit (LIHTC)

Since this property has received funding in part through the Low Income Housing Tax Credit (LIHTC) program, a certain number of units are set aside for lower income households. Households must earn either less than 50% or 60% of the area median income (depending on the set-aside option chosen by the property owner) to qualify for these units. Rents in these units are capped at a maximum of 30% of the set-aside area median income (adjusted for unit size). Some rental units in this property may not be subject to LIHTC and therefore have higher rents and no maximum household income requirement.

HOME Investment Partnerships Program

This project has received some funding from a participating jurisdiction (local or state government agency) through the HUD HOME Investments Partnerships Program (HOME). In projects with five or more HOME-assisted units, at least 20% of these units must be occupied by families earning 50% or less of area median income (AMI). All other HOME-assisted units must be occupied by families earning 80% or less of AMI, but in practice most are reserved for families earning 60% or less AMI. Maximum monthly rent is capped with a Low HOME Rent for <50% AMI units and a High HOME Rent for the remaining HOME-assisted units. Contact the property directly for the specific dollar amount of these rent caps.