Affordable Housing

Why does affordable housing matter in Greenville? 
Why should it matter to me?
 

Affordable housing is not only a priority in Greenville, it is one of the city’s top priorities as outlined in GVL2040, the city’s comprehensive plan for the coming decades. Under GVL2040, the city is spending an entire year rewriting its development code to reflect, among other things, the city’s long-term commitment to affordable housing options.

Leaders recognize the need for affordable housing options because these days, median income in Greenville is about $60,000 – that’s $5,000/month. Therefore, affordable housing is anything that doesn’t top $1,667/month. Depending on credit scores, down payments and other variables, that’s enough to buy a $250,000 home.

But here’s the problem: Median housing values are now above $300,000 in the city, meaning median income families are being squeezed out. As a result, many choose to do one of the following:

A. Buy a home in the county where housing is less costly.
B. Buy a fixer-upper in a less desirable part of town.
C. Rent – also a challenge for many families wanting or needing to live in the city.
D. Buy or rent something they cannot afford.

The problem with A and C is usually in geography: families who work in the city but buy/rent in the suburbs are forced to commute and that, of course, leads to traffic congestion.

The problem with D is the pressure it puts on family budgets, overall.

In the end, it comes down to the fact that as housing prices rise, families are forced to either overpay or move further away, putting both pressure on their wallets and overall quality of life.

Project Report

*AMI is an abbreviation for "area median income," meaning the midpoint of a region's income distribution. View a chart of 2022 AMI rates per household size.

Completed Projects

Project # Units AMI*
City Contribution
Joshua's Way 14 30-80%
$113,000
Stratham Place 88 30-80%
$500,000
Preserve at Logan Park 193 30-60%
$500,000
Colorado Street 1 60%
$68,265
Sumlar Hall 31 120%
$300,000
Bigby Street 1 60%
$56,055
Homes of Hope Infill 9 30-80%
$250,000
Parkside at Gower 8 50-80%
$75,792
Washington Pointe 7 30-80%
$350,000
Pleasant Valley 2 50-80%
$103,263
Renaissance Place 57 30-60%
$300,000
McClaren 47 60-80%
$500,000
Parkins Ridge 52 n/a
$261,771

Planned Projects

Project # Units AMI*
City Contribution
Legacy Oaks II 90 50-60%
$750,000
Mosaic 33 60-80%
$1 million
Unity Park 146 30-60%,
seniors
$1 million
Nassau & Meadow 45 70-80%
$790,000
The Riley at Overbrook 88 30-60%

$1.5 million
Gateway on the Green 72 30-60%
$576,000
Lighthouse at Unity Park 170 50-100%
$1 million
Water Tower Crossing 11 affordable
52 total
60-80%
$1 million
Shemwood Crossing 200 30%

$200,000