Coastal Affordable Senior Housing Foundation, Inc. ("CASHF"), a North Carolina nonprofit corporation, is buying several senior living communities across North Carolina, including Cedar Mountain House, 11 Sherwood Ridge Rd, Brevard; to serve senior residents in the county providing care and housing to those in need, both in assisted living.
CASHF is borrowing money to help pay for these communities. It plans to borrow the money through bonds. Because CASHF is a nonprofit that serves seniors, federal tax law allows the interest on these bonds to be exempt from federal income tax. Federal tax law, IRS code (Section 147(f), will not allow this kind of tax-exempt bond to be issued unless two things happen first: a public hearing, and approval by an elected official or body with authority over the area where the project is located.
The Transylvania County Board of Commissioners will hold a public hearing on Monday, November 23, 2026, at 6:00 p.m. Please see attached for more information.