Approximately $2 million in equity funding is available for the development of affordable housing in Greenville through the nonprofit Greenville Housing Fund.
The concept of the Housing Trust Fund was recommended in the “Balancing Prosperity and Housing Affordability in Greenville” report drafted by a 25-member steering committee and adopted in early 2017 by the Greenville City Council. The council also appropriated $2 million in city funding along with a $1 million potential commitment from philanthropic, corporate and other charitable resources, according to a news release.
The Housing Trust Fund will receive and disburse money to support the production and preservation of affordable housing units and will invest in projects that can provide affordable housing for households with annual incomes between $15,000 and $55,000, the release said.
The Greenville Housing Fund is being launched as a part of CommunityWorks, a nonprofit financial organization committed to working with underserved families and communities by providing financial education, lending and investing.
Initially, the Greenville Housing Fund will invest in developments within the city limits, but eventually, the organization plans to work toward the promotion and provision of housing across and throughout Greenville County, according to the release.