Representatives of Greenville Housing Fund (GHF), the City of Greenville, and Truist Bank joined together on this week Unity Park for a check-presentation ceremony and celebration of 147 units of affordable senior housing coming soon at Southernside Senior Living, the first of several affordable and workforce developments to be funded under an innovative new funding partnership between the three entities.
Thanks to a contribution agreement approved by Greenville’s City Council last month, Truist Bank recognized it as a credit facility enabling the bank to make a loan to Greenville Housing Fund that nets $12 million in accelerated affordable housing financing, plus a reserve fund. This capital will be invested in the production of 549 affordable rental units at three new Greenville developments. All are expected to break ground within the next year. In addition to the much-needed affordable senior housing at Southernside Senior Living, rental homes at multiple affordable price points for individuals and families will also receive financing under this partnership at the Riley at Overbrook, on Lowndes Hill Drive, and at Gateway at the Green, on Webb Road near Mall Connector.
Bryan Brown, President and CEO of Greenville Housing Fund, called the agreement and partnership “a really big deal,” 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 that are currently experiencing tremendous gentrification pressures as well as GHF’s new Community Land Trust, modeled to create and preserve affordable home ownership opportunities in those neighborhoods and across Greenville.
Guests of honor and speakers included Greenville Mayor Knox White and Council Member Dorothy Dowe, Southernside Neighborhoods in Action leader Mary Duckett, Truist Bank Senior Vice President Drew Boland, and GHF Board Chair Matt Good.
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 more than $9 million and leveraged $200 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.
