Special Tax Assessment for Affordable Housing
As part of the City's ongoing efforts to preserve existing affordable housing, City Council approved a special tax assessment that will allow a property owner who provides affordable housing and is planning to rehabilitate the property, to apply to have their tax assessment frozen for up to 20 years at the pre-rehab value and avoid tax increases over the 20-year period. In addition to the benefits for the property owner, this special program will help ensure the availability of affordable housing now and for many years to come. For more information, contact community development at firstname.lastname@example.org.
public/private partnership program
Interested developers or business/property owners can apply for financial assistance for public improvements such as streetscape and public infrastructure improvements (sewer, stormwater, public parking). For more information, contact economic development at email@example.com.
home investment partnerships funding
The City receives HOME funding from the U.S. Department of Housing and Urban Development (HUD). This funding can be used to subsidize the predevelopment costs and costs of construction associated with the development of residential units for households earning below 80% of the area median income. For more information, contact firstname.lastname@example.org.
Property owned by the City can be made available for affordable and workforce housing development, usually through a Request for Proposal (RFP) process. For more information, contact the Community Development Division at 864-467-4570 or the Economic Development Division at 864-467-4401.
Congress established Opportunity Zones as part of the Tax Cuts and Jobs Act of 2017 to encourage long-term private investments in low-income communities. The program provides a federal tax incentive for taxpayers who reinvest unrealized capital gains into "Opportunity Funds," which are specialized vehicles dedicated to investing in low-income areas called "Opportunity Zones."
More about Opportunity Zones in the City of Greenville
Since 2000, the City of Greenville has received approximately $1.8 million from the US Environmental Protection Agency (EPA) brownfield grants. These grants have helped ensure a healthy environment, and have been leveraged into more than $60 million in economic development and more than 176 jobs in the city.
More about Brownfields
Additional forms of assistance
Frequently asked questions
How long will I be required to offer rents at this level? The affordability period is dependent upon the amount and type of assistance provided. This commitment is memorialized in a development agreement and restrictive covenants are recorded for the period of affordability. In addition, at the end of the affordability period the developer/property owner develops a back-end transition plan for residents renting affordable units.
How many units must be considered affordable or workforce units? The required number of units is dependent upon the amount of investment made in the development, for example, for every $25,000 in City investment, one affordable unit must be offered.
Should specific units in my development be designated affordable/workforce? As long as the agreed upon number of units are provided at any given time, the workforce and affordable units can be located anywhere throughout the development.
How will the City monitor compliance? Property management staff will be asked to complete an annual report that verifies income levels served and monthly rental rates. City staff will conduct annual reviews of this information.