Affordable Housing Action Fund

One necessity is to have the ability to “go big” – to be able to undertake projects that result in many affordable units at once. In addition, local affordable housing developers need the capacity to compete with well-financed investors from across the country, many of whom target multi-family apartment complexes that can be easily refurbished and re-rented at double — or even triple — the original rents, further reducing the pool of affordable housing options. These deep-pocketed investors can move quickly and commit large-dollar outlays, making it difficult for affordable housing developers to compete, since they frequently must scramble to secure multiple sources of financing to make a project “pencil out.”

Stay tuned for details of a new tool in the affordable housing finance arsenal: Greenville Housing Fund is crafting an Affordable Housing Action Fund, a pool of up to $40 million in invested funds, to enable quick-strike acquisition loans and participation in large-scale affordable housing developments, both for new construction and for preservation of existing affordable housing units, along with the ability to offer a guaranty against loss to investors. By adding the Action Fund to the arsenal of existing affordable housing finance options, Greenville Housing Fund can offer a powerful new tactic to fund important development projects at a magnitude critical to easing Greenville’s affordable housing woes.