Update: The Greenville City Council approved the resolution allowing Greenville Housing Fund to leverage the city’s annual contribution for added borrowing power. Source: City of Greenville on X (formerly Twitter).
GREENVILLE, S.C. (WSPA) – Greenville’s housing fund aims to preserve and also create affordable housing throughout both the city and county. Now, city council said they’re aiming to accelerate that funding.
City council contributes $2.5 million each year to the affordable housing fund and they will soon add to that.
They said the goal is “to preserve over 3,000 affordable homes and create over 10,000 units of affordable housing over the next decade.”
“This is going to allow them to move projects forward much quicker,” city council member at-large, Dorothy Dowe said. “Having those additional funds to leverage the annual contribution we have been giving to create projects that can move forward.”
Dowe said every affordable housing project has a complicated funding strategy that involves many partners. She said rising interest rates, rising construction costs, rising cost of land, and other issues affect getting projects completed. They’re hoping accelerating this funding will help ease that issue.
“Having this bonded money for the housing fund itself allows them to increase their interest, their financial partnership on these projects and help bring them to fruition,” Dowe said.
Through a Greenville Housing Fund Contribution Agreement, accelerated funding will help break ground on two new developments near Unity Park soon. The city said they realize with adding new developments like this they are increasing the area’s density and are prepared to tackle issues that will arise, like reliable infrastructure and, a concern on residents’ minds, additional parking.
“I certainly aim to lean in on that in our next budget cycle because that is going to be a big capital project just to have funding allocated for the infrastructure in this area and that is very much something on my radar to support,” Dowe said.
The city said one of their top priorities is affordable housing, in which they will continue to allocate funding for, as outlined in their 2040 comprehensive plan.