Partnership to invest $12 million in Affordable, Workforce, and Senior Housing
October 12, 2023
Representatives of Greenville Housing Fund (GHF), the City of Greenville, and Truist Bank gathered near Unity Park for a $12 million ceremonial check presentation and celebration of 147 units of affordable senior housing coming soon at Southernside Senior Living, the first of several affordable and workforce housing developments to be funded under an innovative funding partnership.
Thanks to an ongoing contribution agreement approved by Greenville’s City Council last month, Truist Bank approved a $12 million loan to Greenville Housing Fund to accelerate affordable housing projects and establish a reserve fund. This capital will be invested in the production 549 affordable rental units at three new Greenville developments, all are expected to break ground within the next year. In addition to Southernside Senior Living, the Riley at Overbrook on Lowndes Hill Road and at Gateway at the Green near Woodruff Road will offer rental units at multiple affordable price points.
Bryan Brown, President and CEO of Greenville Housing Fund, calls the partnership “a bold and innovative approach to local investment and support for affordable housing,” and praises its flexibility in stimulating development of affordable, workforce, and mixed-income housing despite the challenges posed by the current high-interest-rate environment. He notes that the investment will also support GHF’s Neighborhood Strategy, promoting affordable infill development in the City’s “Special Emphasis Neighborhoods” near downtown, as well as GHF’s new Community Land Trust, modeled to create and preserve affordable homeownership opportunities across Greenville.
“Greenville is investing more in affordable housing than any other city in South Carolina, all without a tax increase, said Mayor Knox White. “Innovation, dedication and successful public-private partnerships will help us achieve our affordable housing goals. The City donated eight acres of land around Unity Park with the specific purpose of preserving and creating affordable housing,” he said. “It’s fantastic to see projects realized on those sites.”
Southernside Neighborhoods in Action leader Mary Duckett pointed to GHF’s senior housing development in Southernside as an example to “allow longtime residents to remain or former residents to return to the place that they and generations of their families have called home.”
Other speakers included City Council Member Dorothy Dowe, Truist Bank Senior Vice President Drew Boland, and GHF Board Chair Matt Good.
About Greenville Housing Fund
Greenville Housing Fund is a nonprofit organization dedicated to championing a future of thriving and affordable neighborhoods across Greenville’s diverse communities. Through lending, investing, advocacy, and land-banking, GHF works with community stakeholders, developers, municipalities, and many other partners to preserve and increase the supply of safe, accessible, high-quality, affordable housing for all citizens of Greenville County. In the five years since its inception, GHF has invested over $15 million and leveraged $230 million in creating or preserving over 1,330 units of housing in Greenville County, many affordable to households living on as little as 20% of area median income.
