The Greenville City Council has approved a partnership to create another affordable housing development. The agreement with Taft Family Offices will fill a void in Greenville's housing market - affordable homes for the elderly.

Taft Family Offices is proposing to build a new three-story, 98-unit development along Johns Hopkins Drive in the medical district. The development, called Parkside Commons" would have 38-one-bedroom units and 60 two-bedroom units conveniently located near a grocery store and pharmacy.

"Partnerships in affordable housing that involve leveraging of public and private funds is a "win-win" for everyone," said Community Development Director Merrill Flood. "Public funds and private investment are used to insure that a public purpose and vital needs are met. Quality affordable housing is essential and this project by Taft Family Offices will be a huge asset to the community."

All of the units developed will be available to households with incomes at or below 60-percent of area median income (that would equal $33,150 for a family of four). The City has agreed to facilitate a local government commitment of $150,000 from the 2014 North Carolina Housing Finance Agency (NCHFA) Low-Income Tax Credit program. The total development cost is estimated at $10,675,746.

The City of Greenville has participated in several developments that were funded with NCHFA's tax credits. Most recently, the City partnered with Landmark Assets, Inc. and the NRP Group to leverage the tax credits to create the Nathaniel Village and Winslow Pointe developments.  

Housing Administrator Nikki Jones said, "Parkside Commons will provide our community with above average affordable housing - much like Nathaniel Village. Furthermore, the proposed development is in agreement with the City's recently adopted Five-Year Consolidated Plan".

For more information about Greenville's award-winning housing programs, call Nikki Jones at 329-4518.

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