LOAN OVERVIEW

Borrower: The Heritage at Sliding Rock
Loan Amount: $125,000
Location: Greenville, SC
Project Type: Affordable Housing

SITUATION

Nearly one third of South Carolinians are cost burdened by their homes, meaning they spend over 30% of their income on housing, and some of our state’s most vulnerable renters include the elderly. In recent years, the Greenville Housing Authority lost some of the housing stock available exclusively to low income seniors and has been working to increase the inventory through initiatives like the Jesse Jackson Townhome Revitalization Project. Fortunately, GHA owned the land where the Jesse Jackson Townhomes sat, and they just needed a developer to step in and take on building on the site.

SOLUTION

South Carolina Community Loan Fund (SCCLF) is a member of Centrant Community Capital, a consortium of lenders dedicated to supporting affordable housing developments. Heritage at Sliding Rock developers approached CCC to finance the $1.6M balance of the project that remained after the use of Low Income Housing Tax Credits. SCCLF saw an opportunity to create more safe and affordable housing for low-income Greenville seniors and contributed $125,000 to the capital pooled to finish construction of the Heritage at Sliding Rock project.

IMPACT

The development of Heritage at Sliding Rock created 42 one-bedroom units and 18 two-bedroom units available to area seniors earning no more than 50% of the area median income. According to the Greenville Housing Authority, this development will be the catalyst for future redevelopment efforts in the area. The development was at full occupancy immediately after becoming available to rent, and maintains a waiting list of area seniors hoping to make this safe and affordable community home.