Greenville is facing a level of growth that is unprecedented in our lifetime. There are many positive aspects of our city’s growth and success, however, the most challenging unintended consequence of this growth is the pressure it creates on our affordable and workforce housing supply. This pressure can leave long-time residents and citizens vital to our local workforce without suitable options for housing.
Phase II-Housing Trust FundSince the Greenville City Council appropriated $2 million to support affordable housing, the City of Greenville has continued to work with czb, LLC. A 12-member working group was identified to lead the development of a housing trust fund and evaluate broader issues that affect housing affordability.
Greenville City Council unanimously adopted a resolution on November 13, 2017, to authorize the establishment of an independent Non-Profit Housing Trust Fund, creating a financial mechanism to support affordable housing development within the City.
The Housing Trust Fund was recommended in the “Balancing Prosperity and Housing Affordability in Greenville” report. The Housing Trust Fund will receive and disburse money to support the production and preservation of affordable housing units, and will invest in projects that can provide affordable housing for households with annual incomes between $15,000 and $55,000. The fund also has the ability to move beyond these limits as project and market conditions may allow.
The Housing Trust Fund will have three main goals:
1. serve as an advocate and champion for affordable housing in Greenville,
2. invest in affordable housing development, and
3. purchase land for affordable housing development.
The Housing Trust Fund will be launched under an existing community organization, CommunityWorks, which is a non-profit financial organization already committed to affordable housing issues. City officials project the Housing Trust Fund will be operational in early 2018.
Considerations Towards a Housing Trust Fund
Summary Recommendations for a Housing Trust Fund
May 1 Meeting Summary
June 15 Meeting Summary
July 19 Meeting Summary
September 6 Meeting Summary
Phase I-Balancing Prosperity and Affordable Housing in Greenville
The report was the culmination of over 6 months of work by a 25-member volunteer steering committee, including three (3) members of City Council, to develop a strategy and offer recommendations to aid in the creation and retention of affordable housing options. The Steering Committee worked with Charles Buki and czb, LLC. to develop the strategy.
The report was completed and presented to City Council on November 28, 2016. Included in the report were two recommendations: (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©(3) organization, to receive contributions and distribute funding according to established guidelines established.Affordable Housing Presentation
On January 9, 2017, City Council adopted the Balancing Prosperity and Housing Affordability in Greenville report and appropriated $2 million toward the implementation of the recommendations made in the report. The report also recommended that philanthropy, corporate and other charitable organizations leverage the City’s contribution with an investment of $1 million.