The Greenville Housing Fund, Schaumber Development, and Douglas Development broke ground Nov. 1, 2023, on an 88-unit apartment community that will be affordable to renters earning less than 60 percent of the area median income.
The Riley at Overbrook, located on Lowndes Hill Road, will be near Interstate 385, downtown Greenville, and the growing neighborhood commercial hub on East North Street.
Nineteen of the project’s 88 units will be affordable to households earning 30 percent or less of the area median income.
“Housing vouchers committed by The Greenville Housing Authority, allow us to reach this deep level of affordability.
For example, a three-member family earning under $25,000 annually, will find a beautiful and highly affordable home at The Riley,” said Bryan Brown, president and CEO of the Greenville Housing Fund.
Brown also noted that Greenville Mayor Knox White, as well as Councilwoman Dorothy Dowe and Greenville’s S.C. State House Representative Bruce Bannister, were instrumental in helping to secure support for the Low-Income Housing Tax Credit Program at the state level, which provided critical financing for The Riley. Construction is expected to take approximately 18 months.
Holly Douglas Schaumber, representing private sector development partners Schaumber Development and Douglas Development, recognized the challenges faced during the two years the project has been in development.
“Many affordable housing projects around the state have died on the vine because of cost increases or external market conditions,” she said. “But on The Riley, when we've run into a roadblock or obstacle, every member of the team has rolled up his sleeves and sharpened her pencil to find a way forward. The Riley is proof positive that quality, safe, sanitary affordable housing is a priority for the city, and it's a great example of what can arise from a true public-private partnership.”
The Greenville Housing Fund is a nonprofit organization dedicated to championing a future of thriving and affordable neighborhoods across Greenville’s diverse communities.
Through lending, investing, advocacy, and land-banking, it works with community stakeholders, developers, municipalities, and many other partners to preserve and increase the supply of safe, accessible, high-quality, affordable housing for all citizens of Greenville County.
In the five years since its inception, the Greenville Housing Fund has invested over $9 million and leveraged $200 million in creating or preserving over 1,330 units of housing in Greenville County, many affordable to households living on as little as 20 percent of area median income.
It recently announced a partnership with the City of Greenville and Truist Bank to invest $12.4 million to generate over 549 units of affordable housing in Greenville’s Special Emphasis Neighborhoods.
Learn more at https://greenvillehousingfund.com.