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City approves additional HOME funds to close gap for Turnberry Trace senior affordable housing
Summary
Greenville council approved a staff recommendation to commit additional HOME funds to Taft Mills’ Turnberry Trace senior rental project, closing a funding gap so construction can proceed; the senior development will provide 72 age-restricted units with rents capped below $1,000 for most units.
Greenville City Council unanimously approved a staff recommendation to commit additional HOME Investment Partnership funds to close a remaining funding gap for Turnberry Trace, a senior-affordable rental development by Taft Mills.
Neighborhood Business Services Director Tianna Berryman and Taft Mills representative Destin (Dustin) described the request as the last step to fill an outstanding financing gap on the 72-unit Turnberry Trace senior project, which is under construction. The developer said previously approved city support totaled $715,000; the new action provides a final $285,000 subsidy to close the project’s gap so construction can continue.
Taft Mills described Turnberry Trace as a $17 million investment in a site between Turnberry and Smithwick (near Arlington and Charles), with 72 age-restricted units (55+). The developer said rents will range from about $550 to $900 and that no rents will exceed $990. Taft Mills said the product is designed with secure primary entrances, interior corridors, common areas and on-site amenities; the developer noted a similar nearby senior property, Farrington Trace Senior, leased up quickly.
Staff said the city has used HOME funds to support affordable rental development and that partnerships with nonprofit and private affordable housing developers have yielded more than 500 affordable units in the past 15 years. The council approved the additional commitment by motion and vote; the tally on the record was unanimous.
Why it matters: the city’s additional contribution removes a final financial barrier to completing a senior-affordable project with low rents and secure access to nearby services and retail, increasing the supply of age-restricted affordable rental housing.
What’s next: Taft Mills said vertical construction is underway and the developer will continue to coordinate with city staff on required permits; the city’s funding commitment will be part of the project’s financing closing and reporting requirements.
