The Greenville Housing Authority Preserves 432 Affordable Residences Across the Community

The Greenville Housing Authority (TGHA) has completed the acquisition of four affordable housing communities for $8,467,553, permanently preserving 432 affordable residences in the historic Nicholtown neighborhood.

The strategic acquisition marks the completion of the properties' Low-Income Housing Tax Credit (LIHTC) compliance period, effectively preventing them from transitioning to market-rate rentals and keeping them affordable for Greenville families. As TGHA already provides property management on these properties, there is no change of service for the residents.  

Two of the properties — Forest View and Evergreen Place — were purchased utilizing TGHA's unrestricted development reserves. The remaining two communities — Nichol Town Green and Clark Ridge — were acquired using financing from United Community Bank, according to Beth Clark, Interim CEO of TGHA.

Forest View, Nichol Town Green, and Clark Ridge collectively make up the Heritage community, while Evergreen Place is located on Roosevelt Avenue. All four are integral parts of the broader Nicholtown community. The site was originally the home of Fieldcrest Village, later renamed Jessie Jackson Townhomes, before being demolished in 2006. 

Between 2006 and 2008, these properties were built or comprehensively rehabilitated through a federal HOPE VI grant alongside leveraged private equity from Low-Income Housing Tax Credits (LIHTCs). The LIHTC program provides dollar-for-dollar reductions in federal tax liability to private investors who construct or rehabilitate affordable housing. However, once the program's mandatory affordability windows expire, owners traditionally gain the right to elevate rents to market rates. By buying out the private investment interests, TGHA ensures these units remain as affordable.

“As an agency, preserving current affordable housing units is our mission,” said Matt Grandy, TGHA board chairman. “We would like to give special thanks to our banking partner, United Community Bank, for making this preservation of affordable housing possible.”