News & Press: ACSP Annual Conference News

Affordable Housing Progress in the City of Greenville

Thursday, September 19, 2019  
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Affordable Housing Progress in the City of Greenville
by Ginny Stroud, Director of Community Development
City of Greenville

 

Greenville is facing an unprecedented level of growth. There are many positive aspects of the city’s growth and success. However, the most challenging unintended consequence is the pressure it places on our affordable and workforce housing supply. This pressure can leave long-time residents and citizens vital to our local workforce without suitable options for housing. In 2016, City Council prioritized affordable housing and directed staff to hire a consultant to develop a strategy and offer recommendations that could build upon our efforts to date and increase the preservation and production of affordable housing options. A 25-member volunteer steering committee was established to work with czb, the consultant hired to develop the strategy. The strategy identified a gap of 2,500 units of affordable housing in the city and recommended the establishment of a local housing trust fund, funded with $2 million from the City of Greenville and $1 million from the local philanthropic community. City Council adopted the plan and appropriated $2 million in funding in 2017. The philanthropic community also pledged the funding recommended in the report.

The Greenville Housing Fund (GHF) opened for business on January 1, 2018 as an affiliate of CommunityWorks, a local housing related organization. GHF has three goals:

  • Serve as a champion and advocate for affordable housing;
  • - Invest in the preservation and production of affordable housing;
  • - Land bank property for future affordable housing development.

Since its inception, GHF has approved four (4) loans totaling $1.3 million and supporting the renovation and construction of 303 affordable homes. Leveraging this investment at a rate 35:1, over $45 million in additional investment has been captured. The City of Greenville has continued to invest in GHF, contributing an additional $2.5 million over the last two years. Corporate and philanthropic investment also continues as GHF staff works to identify consistent funding sources. For more information on the City’s affordable housing study as well as Greenville Housing Fund, please visit: https://www.greenvillesc.gov/1641/Affordable-Housing-Plans and https://greenvillehousingfund.com/.




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