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Affordable Housing in Greenville: LIHTC's Impact on Urban Development
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Greenville, South Carolina, a city with a revitalized downtown and thriving arts scene, has a significant Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory. The city has 1,911 affordable housing units, with 1,843 designated as low-income units. Based on an estimated housing inventory of 27,705 units, LIHTC-funded affordable housing comprises approximately 6.9% of the city's housing stock.
Greenville has received $14,839,116 in project tax credits through the LIHTC program. With approximately 34 projects, this translates to an average of $436,445 in federal funding per project. When divided by the total number of units, it amounts to about $7,765 in federal funding per unit. Greenville holds 3.8% of South Carolina's total LIHTC funding, indicating a significant portion of the state's affordable housing resources.
The city's involvement with LIHTC-funded affordable housing began in 1987 with the completion of "25 Prancer Ave" and continues to the present day, with the most recent project, "Pleasantburg Senior," completed in 2020. This 33-year span demonstrates a long-standing commitment to affordable housing in Greenville.
The 2000s saw the most affordable housing projects completed, with notable developments including "Shemwood Crossing" (2001), "Laurel Oaks Apts" and "Magnolia Place Apts" (both in 2002), and "Arcadia Hills" (2003).
Greenville's LIHTC-funded housing stock offers a diverse range of unit types. The inventory includes 110 efficiencies, 439 one-bedroom units, 830 two-bedroom units, 357 three-bedroom units, and 4 four-bedroom units. This distribution suggests a focus on accommodating various household sizes, with a particular emphasis on one and two-bedroom units.
Over the past decade, Greenville has experienced steady population growth, increasing from 67,447 in 2016 to 72,310 in 2022. This 7.2% population increase has been accompanied by a rise in population density from 2,263 people per square mile in 2016 to 2,426 in 2022.
Median income in Greenville has fluctuated, rising from $49,000 in 2016 to a peak of $67,340 in 2022. This overall increase in median income, coupled with population growth, may indicate a changing economic landscape that could impact affordable housing needs.
Racial distribution data for 2021 shows a diverse population, with 65% White, 23% Black, 5% Hispanic, and 5% identifying as two or more races. This diversity underscores the importance of ensuring equitable access to affordable housing across all demographic groups.
Greenville's LIHTC-funded affordable housing inventory plays a crucial role in addressing the city's housing needs. With 1,911 total units, including 1,843 low-income units, these developments represent a significant portion of the city's housing stock. The city has consistently invested in affordable housing over the past three decades, with a particular focus on one and two-bedroom units. As Greenville continues to grow and evolve demographically and economically, ongoing attention to affordable housing will remain important to ensure a balanced and inclusive community.
