GREENVILLE, S.C. (WSPA) – Greenville City Council unanimously approved the establishment of a non-profit Housing Trust Fund, according to a press release.
This will support affordable housing development within the city, the press release says.
The Housing Trust Fund was recommended by the City Council earlier this year.
The council also appropriated $2 million in City funding, along with $1 million potential commitment from philanthropic, corporate and other charitable resources.
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 fund also has the ability to move beyond these limits as project and market conditions may allow, the release says.
The three main goals of the Housing Trust Fund include serving as an advocate and champion for affordable housing in Greenville, investing in affordable housing development, and purchasing land for affordable housing development.
The Housing Trust Fund will be launched under the non-profit organization, CommunityWorks.
City officials believe the Housing Trust Fund will be operational in early 2018.