The Greenville City Council unanimously adopted a resolution Monday to authorize the establishment of an independent nonprofit housing trust fund, creating 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 drafted by a 25-member steering committee and adopted earlier this year by council. The council also appropriated $2 million in city funding along with a $1 million potential commitment from philanthropic, corporate and other charitable resources, according to a news release.
“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, in the release.
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, according to the release. The fund also has the ability to move beyond these limits as project and market conditions may allow.
The Housing Trust Fund will be launched under CommunityWorks, a nonprofit financial organization already committed to affordable housing issues. City officials project the Housing Trust Fund will be operational in early 2018.