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Greenville Housing Fund receives $13.4 million to deliver new affordable housing units.

Together with the City of Greenville, GHF will be able to provide 549 affordable housing units to Greenville citizens.

GVLToday Affordable housing

More housing incoming. | Photos and renderings provided by GHF

The City of Greenville + Greenville Housing Fund (GHF) announced a city contribution agreement and accelerated funding to support an additional $13.4 million to deliver 549 new units. With this contribution, ~1,000 people are expected to have improved housing in Southernside.

GHF was established in 2017. Since then, $17 million has been invested in producing 1,158 affordable homes in the city, despite the rising cost of construction + financing. In 2020 it led a strategic plan with the goal of delivering 3,736 affordable homes over ten years.

This new investment will take the cumulative investment to a total of $30.4 million, 1,707 units, and 46% progress including all GHF’s investments in affordable housing.

How 549 new units break down:

  • Southernside Senior Apartments (Unity Park): 147 affordable senior units
  • Parkside Lofts at Unity Park: 242 affordable housing units
  • Riley at Overbrook: 88 affordable housing units
  • Gateway at the Green: 72 affordable housing units

So where does this money come from?
Don’t worry, your taxes are safe. This contribution comes from a public-private partnership. The city, through a contribution agreement, has leveraged its public dollars — ~$2.5 million annually — to pay the debt service on a large loan of $13.4 million to invest in affordable housing.

GHF will invest those dollars into the projects we mentioned over the next five years. Additionally, the city will invest a second portion of funding toward affordable housing for the following five years to help close the remaining gap, cutting the affordable housing deficit in half.