Affordable Housing Strategy
On January 9, 2017, City Council adopted the “Balancing Prosperity and Housing Affordability in Greenville” report and appropriated $2 million toward implementation of the recommendations made in the report. Among the recommendations was that the City's contribution be complemented by $1 million from philanthropic, corporate, and other charitable sources.
The report was the culmination of over six months of work by a 25-member volunteer steering committee, including three members of City Council, to develop strategies and offer recommendations to aid in the creation and retention of affordable housing options. The steering committee worked with Charles Buki and consulting firm czb.
The report identifies two key strategies to address the affordable housing challenges: (1) the active preservation of existing units that are already affordable as well as the production of new units and (2) the acquisition of property to support the production of new affordable housing. The plan further recommends the creation of a Housing Trust Fund, a non-profit 501(c)(3) organization that would receive contributions and distribute funding according to established guidelines.
Over the next four months, an expenditure plan will be developed and presented to City Council for review and approval. The expenditure plan will outline the design and establishment of the Housing Trust Fund and determine the focus, projects, programs, and eligible applicants for use of the funding.