GREENVILLE, SC (WSPA) – The Greenville Housing Fund (GHF) Tuesday afternoon unveiled a major new tool, the GHF Impact Fund, to boost funding for affordable and job-related housing development in Greenville.
The Greenville Housing Fund is a nonprofit organization dedicated to creating a future of thriving and affordable neighborhoods across Greenville’s diverse communities.
The instrument is designed to accelerate funding for the development and maintenance of much-needed affordable housing and workers’ housing in Greenville, GHF officials said. Like many communities across the country, Greenville County is facing an extreme housing shortage, along with skyrocketing rents and house sale prices. GHF will manage and deploy the $4 million fund pool formed with capital from 16 local private investors.
Through lending, investing, advocacy and land banking, GHF works with community advocacy groups, developers, municipalities and many other partners, according to GHF, to maintain and increase the supply of safe, accessible, quality and affordable housing for all citizens of Greenville Co.
GHF said they have been involved in the creation of over 500 units of affordable housing and the maintenance of another 400 units over the past three years, with another 1,000 units in the pipeline that will be available in the market over the next few years.
According to GHF officials, a 2020 study by GHF showed that up to 45% of Greenville Co. renters are “burdened by housing costs,” meaning that over 30% of household income is required to meet housing costs. Three local studies over the past four years have confirmed that over 13,000 new and retained housing units will be needed over the next decade to meet demand across the county.
Bryan Brown, President and CEO of GHF, described the new Impact Fund as a “catalyst” in its ability to leverage both private sector financing and public investment for new housing and as unique in its composition.
This broad group of investors — including corporations, foundations, and individuals — demonstrates the community’s deep support for GHF’s mission: They see the need and appreciate the goal of ensuring that Greenville can provide a healthy supply of quality, affordable housing opportunities to everyone Household working to find a safe and stable home.
Bryan Brown, President and CEO of GHF
GHF said some of the key investors are United Bank, Southern First Bank, the Jolley Foundation, the Graham Foundation and several private private investors associated with the Community Foundation of Greenville’s Donor-Advised Fund program.
Commitment to our communities is at the heart of United Bank’s culture. Partnering with the GHF Impact Fund allows us to make a much-needed contribution to Greenville County’s growing issue of affordable housing. We are proud to be among the first investors to support the fund and hope other financial institutions and corporations will join us in addressing this important issue.
Jim Boyd, market president of leading investor United Bank
Bob Morris, president of the Community Foundation of Greenville, released a statement about the fund.
Many of our donors want their charitable contributions to be actively used to address pressing issues like Greenville’s affordable housing crisis. The GHF Impact Fund offers the opportunity to invest these contributions directly to make an immediate and visible impact, then pay them back and use them for future philanthropic efforts.
Bob Morris, President of the Greenville Community Foundation
Diane Smock, a former member of the Greenville City Council and current member of the GHF Board of Directors, personally invested in the GHF Impact Fund through a donor-advised fund at the Community Foundation.
…to meet the growing demand for more affordable housing in Greenville, we need to be more creative in finding new sources of financing. The GHF Impact Fund is an important additional resource and provides a new way for individuals to easily and directly get involved in addressing this tremendous community-wide need.
Diane Smock, a former member of the Greenville City Council and current member of the GHF Board of Directors
Through lending, investing, advocacy and land banking, GHF works with stakeholders, developers, communities and many other partners to maintain and increase the supply of safe, accessible, quality and affordable housing for all Greenville County citizens. GHF has helped create over 500 affordable homes and maintain an additional 400 units over the past three years, with a further 1,000 units planned to be available on the market over the next few years.
For more information please contact Bryan Brown or visit their website.