Exciting New Affordable Housing Projects Coming to Greenville!
Greenville, S.C. is about to witness a significant transformation in its housing landscape! Thanks to a recent boost in federal funding, two brand-new affordable housing projects are set to spring up, making a real difference for the local community. This fantastic news was shared during a city council work session meeting on Monday, and the buzz is electric!
The Housing Challenge
As many folks know, the demand for affordable housing is on the rise in Greenville. Bryan Brown, the CEO and president of the Greenville Housing Fund, expressed the urgency of the situation, stating, “The most demand on housing prices exists in the city of Greenville.” This reality has made federal initiatives, such as the Low-Income Housing Tax Credits (LIHTC), vital for helping developers build and preserve affordable homes across the country.
Southernside East: A Home for Seniors
First up is the Southernside East project, a shiny new 93-unit apartment building tailored specifically for adults aged 55 and older. Located conveniently near Unity Park, these residents will only pay 30% of their income in rent – making it an affordable option for many seniors who might rely on social security or other fixed incomes. Brown mentioned that this could mean housing for seniors earning between $800 to $1,200 a month. How fantastic is that?
Groundbreaking for this project is expected to kick off in January, making it the start of several workforce housing developments aimed at enriching the area around Unity Park. With these plans, older adults will have a cozy place to call home right next to the vibrant downtown area.
The Alliance: A Mix of Housing and Business
Next, we have “The Alliance,” a mixed-use apartment building slated for Laurens Road near the Ackley Road intersection. With an anticipated 100 units available, this project aims to cater to those earning between 20% and 70% of the area’s median income – typically individuals making less than $50,000 annually. It’s been a long wait for the allocation of tax credits, but now it’s finally happening!
Taylor Davis, the CEO of NHE Property Management, said that the tax credits make this project “financially feasible.” Not only will the project provide essential housing, but it will also include commercial space for businesses, acting as a catalyst for redevelopment in the Laurens Road corridor. Demolition of the existing church on the site and construction are set to begin next year, with completion expected in about 20 months. This development is surely something to look forward to!
Greenville Summit: Preserving and Expanding Affordable Living
Last but certainly not least, the Greenville Summit is also in the spotlight. This senior housing apartment building, which currently has 101 affordable units, is aiming to expand by adding 50 more units. To make this a reality, they will need to apply for additional LIHTC funding next year.
Joseph Eddy, president of JE Properties, who manages the Greenville Summit, explained, “To run an affordable unit, to build an affordable unit costs the exact same amount as any other unit. But the rents are lower, so the only way you can do it is through some type of subsidy program.” This insight highlights the importance of federal funding in keeping housing accessible for those who need it the most.
A Bright Future for Greenville Residents
With these exciting projects on the horizon, it looks like Greenville is poised to become a more welcoming place for residents in need of affordable housing. The combined efforts of the housing fund, local developers, and federal programs demonstrate a strong commitment to creating a community where everyone can find a place to call home. So keep your eyes peeled, Greenville – big changes are coming your way!
