Ground will be broken in October for two new multi-family apartment complexes, providing affordable rents for 160 low-income families.
These two projects were on hold, due to rising interest rates and increasing costs for building materials. Mayor Knox White and Councilor Dorothy Dowe worked with state Rep. Bruce Bannister to gain support for additional federal and state tax credits for developers creating affordable housing.
As a result, three projects in partnership with the Greenville Housing Fund and located in the city limits will receive a supplemental tax credit:
- $271,686 in federal and $114,532 in state credits per year for 10 years for the Riley at Overbrook
- $209,839 per year for 10 years for Gateway at the Green
- $239,330 per year for 10 year for Legacy Oaks II
- Total supplemental credits = $8,353,870
The funding, made available through the state Housing Tax Credit Program (LIHTC), provides developers with an incentive to create and maintain affordable housing. Owners and investors of qualifying developments can use the credit as a dollar-for-dollar reduction of federal income tax liability.
About the Projects
The Riley at Overbrook will provide 88 units of affordable housing, including 19 that are deeply affordable, targeting tenants are earning at or below 30% average median income (AMI). The second project, Gateway at the Green, will create 72 homes, including 14 serving extremely low-income households. Legacy Oaks II will create 90 homes serving families at or below 60% AMI.
"Given the unprecedented rise in interest rates and the elevated construction costs across the housing industry, we are very grateful to have this success," said Greenville Housing Fund (GHF) executive director Bryan Brown.