News & INSIGHTS

City Council vote unanimously Monday to commit $2.5M annually

The city of Greenville took steps Monday to accelerate investment in affordable housing, voting unanimously in favor of a resolution aimed at doing that.

According to the resolution, the city will commit $2.5 million annually for affordable housing to the Greenville Housing Fund. The Fund will then use the $2.5 million commitment to leverage more than $33 million through a bond program.

Formed in 2018, the Greenville Housing Fund is tasked with managing affordable housing in the city and county.

"So what we're doing is accelerating the down payment, if you will, for affordable housing, instead of waiting 5 or 6 or 7 years," said Greenville Mayor Knox White. "It's going to mean at the end of the day that we have a city that's more welcoming for everyone, that's a place for everyone, but at the same time, recognize the market forces are always pushing against us, and we're trying to push back the other way, and that's what we're going to do with these new resources."

White said the commitment will not result in an increase in taxes.

The fund's target household incomes are between 30 to 80% of the area's median income. Part of the focus will be on single-family home ownership in existing neighborhoods.

Bryan Brown, the president and CEO of the Greenville Housing Fund, said he commends Greenville for its commitment.

He said right now, there are 336 units in the city of Greenville that need funding to be constructed.

"We need to create housing opportunities — both rental and ownership — for teachers, firefighters, police, hospitality workers — the people that live and work in our community — and that's what this is all about," said Brown.

City leaders have already funded more than 1,000 affordable housing units, committing more than $10 million.

The goal over 10 years is to have 2,500 affordable housing units in the city. White said he believes it will happen.

South Carolina is the only city in the state to use money in its operating budget for affordable housing.