The US Treasury Department has recently designated GHF as the first Community Development Financial Institution (CDFI) in the Upstate which will further enable GHF to provide local solutions for local people as they achieve financial stability.

CDFIs are financial institutions that invest in low- to moderate- income communities that are typically underserved by the traditional financial institutions. In this economic climate, there is an increasing unmet need in distressed communities for financial products and services to help hard-working individuals and businesses. CDFIs such as GHF help fund low- wealth individuals, small businesses, affordable housing projects, and community facilities through low-interest loans, financial education, and other financial services. CDFIs have financed more than 60,000 affordable housing units and created approximately 35,000 jobs across the nation.

It is often difficult for traditional banks and lenders to provide direct services in distressed communities due to the high financial risk. Banks are motivated to partner with CDFIs to fulfill their community obligations under the Community Reinvestment Act, which requires banks to lend to all segments of the area. For example, South Carolina Bank and Trust and First Citizens Bank have already invested in GHF to increase the affordable housing opportunities and financial stability of local families. With these investments, GHF will be able to offer its programs and services into other counties, including Anderson and Spartanburg.

The mission driven work of GHF means that they not only provide financial services to traditionally under banked individuals but they also partner with them on an individual level to promote financial independence equipping them with the financial knowledge and skills to succeed. GHF currently administers the United Way of Greenville County’s Individual Development Account (IDA) Program which is matched savings account to help low-wealth families build savings and purchase assets.

The Greenville IDA program embodies the mission of CDFIs as it targets financially underserved populations and focuses on developing neighborhoods to encourage goal setting, money management skills, and overall financial independence. Many of the IDA participants have never opened a bank account before or need help building their credit. Currently, there are 81 IDA participants enrolled in the program with 43 participants saving for homes, 28 saving for education, and 10 saving for small businesses. Through the program, one IDA participant was recently able to graduate with a Master’s Degree and another is currently completing his first year at Clemson University.

GHF has already been able to assist more than 340 households achieve their dreams of financial stability and provided $40 million in local economic development. Now as a certified CDFI, GHF will have an increased capacity to support these programs and community development initiatives, such as its partnership with local nonprofit developer Allen Temple Community Economic Development Corporation (CEDC). GHF was able to provide a low-interest Bridge Loan of $86,000 for the purchase of land to be used for the development of six affordable rental units for the Randolph Commons project.  Once a vacant lot that served as the neighborhood dump, Randolph Commons is being transformed into beautiful homes for several local families.

Charlie Warth, Executive Director of Allen Temple CEDC, commented, “This financing made a huge difference in the success of our project, and we are grateful for the meaningful partnership that GHF has provided!”

GHF would not have been able to achieve the competitive CDFI certification without the invaluable support from the City of Greenville, Greenville County Redevelopment Authority, the Hollingsworth Fund, and the United Way of Greenville.

“We are proud to be a partner with GHF throughout its short and productive history. The CDFI certification requires a minimum three-year history of success so this is especially significant since they have only been in existence for three years. We look forward to working with GHF to use these new resources to improve our community,” says Ginny Stroud, Community Development Administrator, City of Greenville.

In recognition of the impact CDFIs are having across the nation, the Starbucks Corporation has joined the Opportunity Finance Network (OFN) to support CDFIs in their efforts to create and sustain jobs in underserved communities. Starbucks has already contributed $5 million to kick off the initiative and will begin to collect donations to provide funding for CDFIs. A $5 donation will provide $35 worth of financing to small businesses. GHF is proud to be a member of OFN and the CDFI industry.

The Land Bank’s funds come from Neighborhood Stabilization Program (NSP) funds and the Hollingsworth Fund. The Neighborhood Stabilization Program was authorized under the American Recovery and Reinvestment Act of 2009, providing grants to local and state governments and non-profit organizations. The U.S. Department of Housing and Urban Development distributes these funds in order to stabilize communities that are facing the negative impacts of the housing crisis through significant increases in foreclosed and abandoned properties.

The purchase and redevelopment of abandoned and foreclosed homes allows the Greenville Housing Fund to address the increase in forecloses and help reduce their negative impact on Greenville area neighborhoods. Take a look at some of the Land Bank’s recently renovated homes below or in the Homes for Sale section of the Greenville Housing Fund webpage.

Though 2010 was yet another difficult year for the economy, GHF was able to assist 50 families in purchasing homes. These purchases have generated over $5.2 million in home sales that help to revitalize the local economy. In addition to stimulating the economy, this program also benefits the families. The children in these homes enjoy the benefits of stable housing such as higher performance in school and a higher likelihood of earning a college degree.

Thanks to the funding support of the Greenville County Redevelopment Authority and the United Way of Greenville County, GHF is able to take part in building a strong and stable community, reiterating the importance of homeownership and financial education for increasing wealth and gaining financial stability.

“It is still hard to believe I really have a house now. I didn’t think I could actually get one at such a bad time in the economy. Getting a home was very important so I worked on my credit and researched to get a good mortgage. The homebuyer education class was very helpful. My realtor mentioned the down payment assistance program and it made getting the house a lot easier. I feel good my kids are living in a nice and safe neighborhood. They love it! Paying a mortgage is a discipline, but it sure beats paying rent!”    - GHF client

“We have only been in the United States for five years, so we are excited! God has given us a great blessing to get this house. We saw many houses, but this is the one that had all we needed. If we did not get the down payment assistance, we could not have gotten this house. Our family is happy all under one roof and we are making the house a home little by little. It means so much to have a secure home for our family.”    -GHF client

The rental units will be one bedroom, one bathroom with estimated rental costs of $458 a month.  The apartments will cater towards senior residents of the community with an AMI of less than eighty percent.  Total development costs for phase 2 are around $963,000. Gower Place Apartments are located in West Greenville. 

Bradley Place consists of twelve new affordable housing units: ten affordable rental units and two affordable for sale units are available for first time home buyers.  This provides brand new housing for those first time buyers who have already qualified for a mortgage and are ready to be homeowners.  The rental portion of the development features four two-story duplexes side by side.  Rent will range from 250 to 495 dollars.  The for sale portion of the development features four two-story single family homes all with three bedrooms and two bathrooms.  The development is located in West Greenville, and is helping to revitalize the Special Emphasis neighborhood of Greenville.  A special emphasis neighborhood, as defined by the Greenville city website includes factors such as high unemployment, low income, substandard housing, and low home ownership.   Bradley Place Apartments offers housing for families less than 50 percent of Average Median Income, or AMI.  The neighborhood is full of close knit people who have worked hard to help build their community and have truly gained from the development in the area.  Bradley Place is a gateway into the neighborhood as well as a gateway to even more improvements to the neighborhood.  The name was changed form Perry to Bradley Place in honor of an employee’s son who passed away suddenly.

For more information about Homes of Hope, Inc. visit homesofhope.org.

Currently, NHC is constructing homes in the Westwood Community located in the City of Simpsonville. These 3-4 bedroom/2-2.5 bath homes are approximately 1300 sq. feet and are situated on large lots. NHC has already completed one home on Tebblewood Drive (featured in the photo) and is in the process of constructing four others. Prospective buyers may have the option of making choices regarding appliances, interior colors and some design features.

The NHC has partnered with the Greenville Housing Fund to provide special down payment assistance to teachers, hospital workers and other workforce public. Any interested parties should contact Jean Shafer of ReMax Realty at (864) 270-3103 or jeanshafer21@charter.net.

For more information about NHC, please call (864) 607-5617 or email info@nhcgreenville.org or visit their website at www.nhcgreenville.org.

GHN recently held its second meeting, which are scheduled quarterly at the United Ministries Learning Center. Organizations represented at the meetings have included the Greenville Housing Fund, the United Way, the City of Greenville, Greenville County Redevelopment Authority (GCRA) and United Ministries, as well as approximately 25 other organizations and businesses who are concerned about the affordable housing needs in Greenville.

Attendees are given the opportunity to share relevant information, news and events with the group.  At the first meeting, Beth Templeton of United Ministries presented an extensive overview of housing-related news stories, highlighting housing issues across the country. Darrin Goss of United Way and Sharon Smathers of Greenville County updated the group on the current efforts of the Foreclosure Task Force, and Ginny Stroud of the City of Greenville and Martin Livingston of GCRA shared information about the Neighborhood Stabilization Program and the economic stimulus for housing.

At the second meeting, Naomi Rustikova from Bon Secours St. Francis spoke about the Sterling Master Plan; Deborah McKetty of the Greenville Housing Fund gave an update on the Foreclosure Task Force & SC Housing Commission; Bruce Forbes from SHARE provided information on the Weatherization Assistance Program; Ginny Stroud and Martin Livingston continued discussions on the Neighborhood Stabilization Program; and Beth Templeton shared highlights of national news in the housing industry.

If you are interested in attending or getting more information, please contact Meghan Meier at Meghan@greenvillehousingfund.org.

GCRA has spent the past three years revamping the Brutontown Community by providing a $2 million Community Center, constructing 20 houses and renovating several others. All new Brutontown Community homes are either Energy Star or Earthcraft energy efficient homes, ranging from $90,000 to $110,000. GCRA offers down payment assistance and homeownership counseling to assist those who need personal attention and guidance as they face the responsibility of owning a home.

The agency also rebuilt the neighborhood’s infrastructure, adding a brand new water and sewer line, resurfacing and relocating streets and constructing new sidewalks. GCRA plans to build 50 more homes and senior rental units, as well as update more streets.

Partners in revitalizing the Brutontown Community include Parker Fire and Sewer District, Habitat for Humanity, The Greenville Recreation District, the Brutontown Neighborhood Association, the Neighborhood Housing Corporation of Greenville, Inc., Greenville Technical College, the Greenville County Human Relations Commission and the South Carolina Department of History and Archives.

In an effort to highlight this exciting project during National Community Development Week, GCRA proudly hosted an open house and historic marker unveiling at the Brutontown Community. The event provided elected officials and citizens an opportunity to view current projects being financed by Community Development Funds, allowing them to further understand the value of these resources.

GCRA offered public tours of various homes in the Brutontown Community, as well as homeownership classes. They also unveiled a marker displaying a concise history of the community, located at the Community Entrance on Rutherford Road and Old Paris Mountain Road. The South Carolina Department of History designed the marker, with help from GCRA and other Brutontown community members.

The Greenville Housing Fund enthusiastically supports the efforts of GCRA to provide affordable housing for those in the Greenville area. GCRA’s redevelopment of the Brutontown Community has already made a significant impact on the availability of affordable housing in Greenville and will continue serve this collective effort as further projects are completed in the future.

To view photos, click here.