Housing Fund Awards $863,000 to Three Organizations
The Greenville Housing Fund has awarded a total of $863,000 to Habitat for Humanity, Homes of Hope and Bywater Development to build new affordable housing and preserve existing affordable housing in the city of Greenville.
Habitat for Humanity will build six homes and develop seven rental homes in the Sterling community, Homes of Hope will develop nine rental homes on scattered sites throughout the city and Bywater Development will renovate Stratham Place Apartments, upgrading and preserving 88 affordable rental homes.
In 2016, the City of Greenville conducted a year-long affordable housing study, which resulted in the "Balancing Prosperity and Housing Affordability in Greenville" report. The report included a recommendation to create a Housing Trust Fund to receive and disburse money to support the production and preservation of affordable housing units.
In January 2017, City Council appropriated $2 million to establish a housing trust fund and in March 2018, the Greenville Housing Fund, a 501c3 organization operating under the existing Community Works umbrella, opened its doors.
The Greenville Housing Fund has three goals: serve as an advocate and champion for affordable housing in Greenville; invest in affordable housing development and purchase land for affordable housing development.
While GHF will initially invest in projects that provide affordable housing for households with annual incomes between $15,000 and $55,000, it has the flexibility to move beyond these limits as project and market conditions allow.