CommunityWorks hosts Upstate Affordable Housing Summit

Affordable housing continues to be an issue in Upstate South Carolina and across the United States.

CommunityWorks understands that innovative financing strategies, new public policy and cross-sector collaboration are needed to address the local housing crisis. To fuel local efforts, the statewide nonprofit lending institution hosted the Upstate Affordable Housing Summit in Greenville on Aug. 21.

More than 150 local housing experts, developers, lenders, nonprofits, advocates and policymakers attended the summit at Greenville Technical College’s Prisma Health Center for Health and Life Sciences. The one-day event featured panel discussions, policy presentations, economic outlooks, and networking opportunities.

“This summit serves as a space to come together, share ideas and explore how we can collectively support our communities,” said LaTorrie Geer, CEO of CommunityWorks.

Matt Martin, regional executive at the Federal Reserve Bank of Richmond, Virginia, kicked off the summit with an overview of the national and local economy. He shared that housing affordability has become more of an issue in Greenville and Spartanburg counties over the last four years due to rising mortgage rates and home price growth.

“There’s not much inventory coming on the market. We’re not building as much,” Martin said. “South Carolina is one of the top four states in sort of per capita home building, but you’re also probably one of the four fastest growing population states. So you’re sort of just trying to keep up with the growing demand.”

Deborah Myerson, senior research and policy fellow of the Urban Land Institute’s Terwilliger Center for Housing, said it is critical to help shorten the length of time it takes to produce affordable housing. She provided examples of strategies used in Tennessee and Washington to help streamline the regulations and approvals of affordable housing projects.

Other examples of innovative policy solutions surrounding property tax, financing, infrastructure, homeownership and housing typologies from across the country were also presented during the summit.

CommunityWorks intends to host future summits surrounding affordable housing. Geer said supporting the creation of affordable housing is the foundation of CommunityWork’s mission. The Greenville-based institution has provided more than $27.5 million in affordable housing and community loans since its inception in 2008.

“It will take all of us working together to ensure South Carolina residents have the safety and security of a home that connects them to the community,” Geer said.