Podcast: Explaining how Spartanburg Housing Fund will support affordable housing development
New fund to provide gap financing to aid affordable housing development
At their meeting on September 14, City Council approved the creation of the Spartanburg Housing Fund, a special fund to be used exclusively to fill gaps in development projects that build, preserve, or improve affordable housing units in the city. Initially capitalized with $750,000 as part of the deal to replace Norris Ridge Apartments with the Midtowne Heights Development, the fund will be used to provide loans to for gap financing to developers to help make affordable housing developments more financially feasible and may also be used to provide grants or even a limited number of equity investments.
Today on the podcast, we're talking with City Manager Chris Story to get details on how the new fund will provide another tool to help our community address its supply of affordable housing. Listen below for more.
Want to listen to our podcast on your smartphone? You can find us on Spotify, iTunes, Stitcher, Google Play, or just search "Spartanburg City News" in your favorite podcast app. Theme music provided by Spartanburg singer-songwriter, David Ezell.