Greenville Housing Fund creating affordable homeownership initiative
GREENVILLE, S.C. (HERE News Network) – The Greenville Housing Fund is tasked with addressing the need for affordable housing in the county. Inflation and housing costs continue to be a hurdle for many families and for the nonprofit on their quest to create more options. GHF has always worked to create and preserve affordable rental options. This new home trust program is addressing the lack of opportunities for some people looking to buy a home. Libba King, the Vice President of Real Estate & Capital Markets with GHF, says the lack of affordable homeownership options is not unique to Greenville. “Incomes are not keeping pace with home costs and it’s increasingly pricing out essential workers from owning homes,” she said.
Community Home Trust Program
So, they’ve created a Community Home Trust. Essentially, a collection of homes bought by GHF, renovated and sold to income-qualified families at an affordable price. “The goals of the program are really threefold: to provide a permanent and growing supply of affordable single-family homes for Greenville essential workers, create avenues of wealth building,” said King. Also, to lessen the need for government financial assistance to create affordable options. They are targeting rapidly gentrifying areas of Greenville like Haynie Sirrine, Judson, San Souci, Poe Mill, and others. GHF will partner with credit unions, lenders, realtors, and non-profits to make it work.
Increasing Affordable Housing Inventory
The goal is to have 5 homes ready for sale by the end of this year—eventually, King would like to see that number grow to greater than 50. “The need for affordable housing is getting greater every day, so being able to address that in a permanent stance today looking into tomorrow five years 10 years it’s really powerful and I think it will be a great success for Greenville,” she said.
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