GREENSBORO, N.C (WGHP) — A new program is bringing hundreds of affordable houses to Greensboro.
Marcus Thomas, Senior Program Officer for Community Foundation of Greater Greensboro, said the plan for the project is meant to help people have a chance to afford rent and live comfortably, even with the rising costs of rent nationwide.
Thomas said with the help of investors and donations, they managed to raise 27 million dollars for the workforce housing project. On Tuesday, they also received 5 million from the Greensboro City Council after its contribution was approved.
The plan is to use the funds to bring more affordable housing units to the city by giving lower interest rates to developers, which would offset the market rental price.
Thomas said Greensboro is short 20,000 units, and they plan to erect 900-1,100 housing units around eat Greensboro, specifically in Random Woods, Kings Forest, Glenwood, Dudley Heights and Mill District.
“Those areas were chosen based off quantitative and qualitative factors by the city of Greensboro and looking at how investment in those communities could help stabilize those communities and already build on the assets that are already there,” said Thomas.
Thomas said the workforce housing program is for individuals or families with an income of 30-60% of Greensboro’s average median income. According to the Census Bureau, the median family household income was $49,492 in 2020.
“The working folks in Greensboro have been getting priced out, and we have just run out of housing stock, and this is going to make a big difference,” said Tammi Thurm, Greensboro City Council, District 5.
Tammi Thurm, Greensboro City Council member District 5, said the program is a game changer for residents and companies like Boom Supersonic and Toyota moving to the city.
“In order for companies to want to move here, there has to be a workforce, and in order for there to be a workforce, there has to be a place for those folks to live,” said Thurm.
Plans for the groundbreaking of the units are expected in the first quarter of 2023. Thomas said apartment unit pricing would range from $300-$700 depending on the property.