The Greenville Housing Fund is considering loans for four projects that would provide or preserve affordable housing for as many as 325 Greenville families.
The four projects are on the short list for loans in the first round of funding from the newly launched GHF.
The GHF board meets July 11 and is expected to make decisions then, said Ginny Stroud, the city’s community development coordinator.
GHF Chairman Bogue Wallin said letters of interest were submitted for 11 projects that included 828 affordable housing units and cost more than $77 million. Those projects asked for more than $3.5 million in funding.
The four projects being considered for first-round funding would cost more than $48.5 million. They would use between $1.6 million and $1.7 million of the fund’s $2 million in initial funding. Wallin said the projects would serve households with annual incomes of up to $55,000.
Stroud said one of the projects would preserve existing affordable housing. One of the projects is senior affordable housing.
The Greenville City Council established the independent nonprofit fund to help address the city’s shortage of more than 2,500 affordable housing units. The fund, which was launched as part of the community development financial institution CommunityWorks, will provide equity funding for development and preservation of affordable housing for households with annual incomes of up to $55,000.
Eligible borrowers include nonprofit and for-profit organizations, government entities, builders, developers, or combined partnerships that are committed to the production and preservation of affordable and workforce housing. Borrowers must have experience developing and managing qualified units.
Stroud said a second round of funding could be made available by the end of the year.