Greenville Secures Funding for Affordable Housing Project
The Greenville Housing Fund and Sterling Land Trust closed $3.3 million in financing for 10 new rental homes.
Updated on Oct. 21, 2026 in Apartments
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The Greenville Housing Fund and Sterling Land Trust have finalized $3.3 million in construction financing to build 10 affordable rental units in the Sterling neighborhood. The development will feature five stacked duplexes located across three parcels of land.
Why it matters
Local stakeholders identified long-term affordable rental housing as the most urgent need for the community. The project aims to address this shortage by supporting individuals earning between 60% and 80% of the area median income.
The development consists of 10 long-term rental units housed in five stacked duplexes. The project is funded through a $3.3 million package that includes a $250,000 grant from the Bank of America Charitable Foundation awarded in 2025.
The players
Greenville Housing Fund
This local organization focuses on increasing the supply of affordable housing options for residents in the area.
Sterling Land Trust
The trust manages land assets with the goal of preserving affordability and community access in neighborhoods like Sterling.
Bank of America Charitable Foundation
The foundation provides philanthropic support and grants to organizations working to improve financial stability and community development.
Bon Secours St. Francis Health System
This healthcare provider operates facilities in the region and invests in local social determinants of health, including housing stability.
The details
The joint venture between the Greenville Housing Fund and Sterling Land Trust utilized three parcels of land to create these homes, which will accept tenant-based vouchers. Financial support for early stages included a pre-development grant from the Bon Secours St. Francis Health System, and rental proceeds are designated for reinvestment into future community programming.
Timeline
Spring 2024: Partnership formed to develop three parcels of land.
2025: Bank of America Charitable Foundation awarded a $250,000 grant.
October 21, 2026: Construction financing officially closed.
November 5, 2026: Groundbreaking ceremony scheduled to take place.
Culture Shift
This development aligns with the national trend of Community Land Trust-led housing models that prioritize permanent affordability over market-rate gains. By keeping land ownership within the trust, the project addresses the broader shift toward protecting long-term residents from displacement.
Qualified residents earning between 60% and 80% of the area median income may now look toward this site as a long-term housing option. The project also confirms that tenant-based vouchers will be accepted at these units once construction is complete.
The takeaway
This development demonstrates how public-private partnerships and land trusts can pool resources to address specific neighborhood housing shortages. Residents can look for similar community-led projects as a potential way to secure long-term stable rental housing in the city.
What happens next
A groundbreaking ceremony for the new affordable housing development is scheduled for November 5, 2026.
Further reading
For more information on the local housing market, visit Greenville Apartments.
Source note: This article includes information reported by Post and Courier.
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