GREENVILLE, S.C. — The Greenville Housing Authority now owns four apartment communities in the Nicholtown neighborhood outright after closing an $8,467,553 purchase that keeps all 432 homes there affordable.
Clark Ridge, Nichol Town Green, Evergreen Place and Forest View are the four properties in the deal. All were built or fully rehabbed from 2006 to 2008 with a federal HOPE VI grant and private investor money raised through Low-Income Housing Tax Credits. Once the required affordability period on such deals runs out, owners can usually raise rents to market levels. By buying out the investors, the authority removed that risk.
Interim CEO Beth Clark said the agency paid for Forest View and Evergreen Place from its own unrestricted development reserves, while United Community Bank financed Nichol Town Green and Clark Ridge.
Three of the sites together are known as the Heritage community. The fourth, Evergreen Place, is on Roosevelt Avenue. The land once held Fieldcrest Village, later called Jessie Jackson Townhomes, which came down in 2006.
Residents should see no change. The authority already managed all four properties before the sale. Board Chairman Matt Grandy described keeping existing affordable units as the core of the agency mission.
Section: More Greenwood SC business news
Greenwood business profiles
Filed under: Greenwood SC Business News
