Exciting New Affordable Housing Developments Coming to Greenville!
Hey there, Greenville! We have some fantastic news to share that will hopefully brighten your day. The city is gearing up to add nearly 200 affordable rental units to our community, focusing primarily on our beloved low-income seniors. That’s right! A positive update shared by Bryan Brown, the CEO of the Greenville Housing Fund (GHF), during a City Council work session this past Monday, November 11. It’s safe to say that the future looks bright for affordable housing options in our city!
Two New Projects to Look Forward To
Let’s dive into the details of these exciting new developments. First up is the Southernside Senior I. This project is set to make a splash with a whopping 93 units exclusively for seniors. It will be conveniently located at the corner of West Washington and South Hudson streets. And get this, these apartments will cater to folks earning 20% to 60% of the Area Median Income (AMI). That’s a huge helping hand for those of us who are watching our budgets closely. You’ll be glad to know that this project received the highest score among its peers in the entire state! Construction kicks off in January 2025, so stay tuned!
Next on the list is The Alliance, located at the corner of Laurens Road and Ackley Drive. This bustling hub will boast 100 units and also focus on residents who fit within that 20% to 60% AMI niche. Plus, there’s even more to it – commercial space along the Laurens Road frontage is part of the plan. This project has ranked third on the state’s Low-Income Housing Tax Credit (LIHTC) funding list. Developer Taylor Davis, CEO of NHE Inc., remarked that this funding makes it financially feasible to bring this much-needed project to life. Dowe, a City Councilor, described this endeavor as catalytic for the area – what a compliment!
Renovation and Preservation: Don’t Forget Summit House
But wait, there’s more! Let’s not overlook the Summit, a downtown senior housing complex. Thanks to the tax credits, the owners plan to preserve 101 apartments specifically for seniors, ensuring that they are well taken care of. Renovations are set to begin in 2025, which will provide a fresh new look and improved living conditions. This complex has been part of our Greenville fabric since 1986, and it’s fantastic to see it getting the love it deserves!
Understanding the Funding Behind These Projects
Now, you might be wondering how these developments are coming together. The LIHTC program plays a critical role in funding 90% of all new affordable developments across the United States, creating an average of 100,000 new units annually. South Carolina started a state LIHTC program in 2020, allowing for better administration of these funding resources. To qualify for these affordable units, renters must earn no more than 60% of the AMI, ensuring a fair opportunity for those in need. The beauty of this system is that no more than 30% of a resident’s income can go towards rent, which is a huge relief for many!
Looking Ahead: More Affordable Housing on the Horizon
As we head towards 2025, rest assured that the Greenville Housing Fund has ambitious plans to apply for LIHTC funding for another project. The upcoming Southernside Senior II is in the works, featuring an additional 57 units dedicated to our senior community. With so much development in the pipeline, it’s an exciting time for affordable housing here in Greenville!
So, there you have it, folks! These projects promise to bring hope, accessibility, and affordability to our city. If you want to learn more, swing by the City of Greenville’s website or just keep an ear out for more updates. Until next time, let’s keep our fingers crossed for a brighter and more affordable future for all!
