The Greenville Housing Fund (GHF) is an entity that first launched under CommunityWorks, a 501(C)3 nonprofit organization and a certified community development financial institution. We were launched in response to findings and recommendations in the 2016 “Balancing Prosperity and Housing Affordability” report. Several months of work with input from key community stakeholders and guidance from a housing trust fund steering committee identified the need for an organization to identify and implement innovative financing for affordable and workforce housing, position itself to land bank key parcels for future development, and act as a strategic advocate for housing.
The City of Greenville committed an initial $2 million to launch the Fund and philanthropy matched an additional $1 million to get the Fund up and running. Recognizing the immediate need to address growing gaps in the affordable housing stock, GHF mobilized the first $2 million in May 2018 by offering a below-market bridge/gap loan program. Since that time we have expanded into land banking and are helping to develop properties in and around Unity Park.
We also have a Homeowner Preservation Program (HOPP) designed to work with local nonprofit partners to rehabilitate and preserve existing homes in neighborhoods experiencing strong gentrification pressures.
Below are our first three projects, with $800,000 in initial funding to support the development of 113 units of affordable housing. More of our projects that illustrate over $3.5 million deployed to create over 500 affordable housing units are to be featured in upcoming editions of The Porchlight.