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.
