Greenville Gears Up for Affordable Housing Boom!
Exciting times are ahead for the residents of Greenville as the city welcomes almost 200 units of affordable housing, all thanks to a recent wave of federal and state tax credits! It’s a fantastic opportunity for those looking for housing options that won’t break the bank. Bryan Brown, the CEO of the Greenville Housing Fund, has announced that developments in the city have garnered attention, earning special funding to make these housing dreams a reality.
The Alliance: A Step Towards Affordable Living
First up is The Alliance, an impressive project that was given the green light in 2022. It’s set to create 100 new units right at the corner of Laurens Road and Ackley Drive. This location is about to undergo a significant transformation, as city council member Dorothy Dowe enthusiastically noted, “It will be the first new construction project of this size on the Laurens Road corridor.” How cool is that? Not only does it provide more housing options, but there’s an added layer of pride knowing that a local developer is taking the lead!
Southernside Senior I: A Home for Our Elders
But wait, there’s more! The city is also seeing the rise of Southernside Senior I, which is located near the beautiful Unity Park on the bustling corner of Washington and Hudson Streets. This lovely project received a whopping $2.5 million in federal tax credits and is tailored specifically for seniors, with 93 units on the way. Construction is expected to kick off in January, so mark your calendars! This is a cozy spot that will surely add to the charm of the neighborhood.
Affordable Housing Tax Credits: Making It Possible
So, how does all of this get funded? The answer lies in the low-income housing tax credit, which is a crucial resource that helps fund most affordable housing initiatives across the country. To qualify for these credits, newly created units must be affordable for individuals making no more than 60% of the area median income. Even cooler? Rent for these units cannot exceed 30% of the qualifying income for tenants! It’s a win-win situation for everyone, especially for those who may struggle to find suitable living arrangements.
Supporting Affordable Housing Initiatives
The South Carolina Housing Authority is watching closely, ensuring that the federal and state programs for tax credits are implemented effectively. Developers are fiercely competing for these much-needed credits as they use this funding to raise equity capital from various investors. In addition to The Alliance and Southernside Senior I, the owners of The Summitt, an affordable senior housing complex located downtown, have also snagged a state tax credit aimed at renovating their existing facilities. That’s definitely a step in the right direction!
City Commitment to Affordable Housing
It’s also worth mentioning that around 14% of Greenville’s budget is allocated specifically to neighborhoods and affordable housing projects. In fact, the city’s affordable housing plan currently totals an impressive $2.5 million. This financial commitment demonstrates Greenville’s dedication to ensuring that all residents have access to safe and affordable homes.
As these exciting developments roll out, the community can look forward to new opportunities, an uplifted standard of living, and, ultimately, a vibrant city that caters to everyone. Keep an eye on the thriving housing scene in Greenville because things are about to get even more interesting!
