Greenville City Council recently affirmed their support of a Greenville Housing Fund (GHF) plan to accelerate affordable housing projects within the city limits.
The Council unanimously re-affirmed their commitment of $2.5 million annually for the next four years, giving GHF the support it needs to leverage $33 million for affordable housing projects.
Mayor Knox White celebrated the step forward. “It’s a good thing to be in an area where we are growing and not dying, Mayor White said. “But at the same time, you have to address issues of affordability and housing because you are a growing community.”
The Council’s action means GHF can secure financing and pursue an accelerated plan to create affordable multi-family housing, particularly along corridors. In neighborhoods, GHF also will support homeownership opportunities with single-family homes. “We need more affordable housing across the community, but we also need to have affordable housing and homeownership options in our special emphasis neighborhoods, because that is the best antidote to gentrification,” GHF CEO Bryan Brown said.
How It Would Work
GHF will use a $30 million bond to spend inside the city limits over the next five years, to build an estimated 1,250 units of affordable multi-family housing.
The City of Greenville will use $10 million of reallocated funds (existing funds and private matching capital) to build 200 single-family homes in the city’s Special Emphasis Neighborhoods. Those homes will target those earning between 30-80% of the average median income.
GHF will make the eight city-donated land parcels around Unity Park — including Southernside senior housing projects and a homeownership project — a priority. “This demonstrates the commitment that the city of Greenville is making to affordable housing,” Brown said. “We can’t wait for interest rates to go down. We can’t wait for inflation to go down. We have to do this today because the demand in this community for housing is so great.”
“The commitment of $33 million by the Greenville Housing Fund to this initiative will put the City of Greenville in a clear leadership position throughout the state.,” Mayor White said. “That’s something we’re very proud of.”
Learn more about affordable housing at www.greenvillesc.gov/1633.
Written by the City of Greenville.