New Affordable Housing Policy
The Greenville County Council passed a new policy at its meeting last Tuesday, October 18th that would allow developers to claim a tax credit if their development projects include affordable housing units.
The policy, albeit met with pushback from some residents and a couple of council members, passed 9-3. It is meant to help guide decision-making by County officials.
Here’s what you need to know about the new affordable housing policy:
- The new affordable housing policy gives incentives to developers who include affordable housing units for residents.
- For a home to be considered affordable under this policy, the cost of the home must not exceed 30% of a person’s annual income.
- The policy does not include incentives for affordable housing for residents who earn less than 40% or greater than 80% of the county’s average median household income, which was $62,422 in 2020 according to the Census Bureau.
- The amount of the tax break is based on the number of affordable housing units included in the project.
- Housing affordability should be spread across all housing types within a development.
People critical of the new affordable housing policy state that the policy excludes the low-income residents of the county. Greenville County Council responds that the new policy was not intended to replace or compete with the Greenville Housing Authority‘s job of providing affordable housing and housing assistance for veterans and low to moderate-income families.
Read the policy here.
See other blogs about home buying
Source: GGAH
