Greenville City Council approves non-profit housing fund; fund e - FOX Carolina 21

Greenville City Council approves non-profit housing fund; fund expected to be operational in 2018

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Greenville City Council. (11/13/17 FOX Carolina) Greenville City Council. (11/13/17 FOX Carolina)

The Greenville City Council unanimously adopted a resolution Monday evening to authorize the establishment of an independent Non-Profit Housing Trust Fund.

The fund will create 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 adopted earlier this year by City Council.

A release sent out Monday read, “City Council also appropriated $2 million in City funding along with a  $1 million potential commitment from philanthropic, corporate and other charitable resources. 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 three main goals of the Housing Trust Fund are as follows:

1.   serve as an advocate and champion for affordable housing in Greenville

2.    invest in affordable housing development

3.    purchase land for affordable housing development

Per the release, the fund will be launched under Community Works, an existing community organization. Community Works 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

“As Greenville continues to grow, it is important that we create additional tools to support the development of affordable housing.  The establishment of a Housing Trust Fund allows us to leverage City resources and maximize the investment of our housing partners,” said Mayor Knox White.

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