Greenville City Council passed a resolution on Monday, March 27, to issue a $30 million bond to help jumpstart affordable housing projects.
How will it work?
Greenville Housing Fund (GHF) will use the bond to build ~1,250 units of affordable multi-family housing over the next five years. It will prioritize eight city-donated land parcels around Unity Park (including the previously-announced Southernside senior housing project).
The City will use $10 million from existing funds and private matching capital to build 200 homes in Greenville’s special emphasis neighborhoods.
Future funding
The City has allocated $2.5 million to GHF each year since passing the Affordable Housing Action Plan in 2018. The resolution also included plans to continue giving $2.5 million annually for four years.
“(GHF has) the plan, and now they have the financial firepower that’s at a level that’s really unprecedented in South Carolina to address affordable housing,” Mayor Knox White told the Greenville Journal.
