$12M investment fuels affordable housing for seniors in Greenville's Southernside.

A $12 million check will go toward a 147-unit affordable senior housing development in Greenville's Southernside neighborhood.

The Southernside Senior Living development is the first of several affordable and workforce housing developments to be funded under a funding partnership between the Greenville Housing Fund, the city of Greenville and Truist Bank, according to a news release.

Truist Bank approved the $12 million loan to Greenville Housing Fund to accelerate affordable housing projects and establish a reserve fund as part of an ongoing contribution agreement approved by the Greenville City Council last month, the release said. This capital will be invested in the production of 549 affordable rental units at three new Greenville developments, all of which are expected to break ground within the next year. In addition to Southernside Senior Living, the Riley at Overbrook on Lowndes Hill Road and Gateway at the Green near Woodruff Road will offer rental units at multiple affordable price points, the release said.

Greenville Housing Fund President and CEO Bryan Brown calls the partnership "a bold and innovative approach to local investment and support for affordable housing," and praises its flexibility in stimulating development of affordable, workforce and mixed-income housing, despite the challenges posed by the current high-interest-rate environment, the release said.

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The investment will also support Greenville Housing Fund's Neighborhood Strategy, promoting affordable infill development in the city's "Special Emphasis Neighborhoods" near downtown, as well as the nonprofit's new Community Land Trust, modeled to create and...