Housing Authority Buys Out Investors in 432 Apartments

GREENVILLE, S.C., Nov. 9. The Greenville Housing Authority has bought out the private investors in four Nicholtown apartment communities, 432 homes in all, for $8,467,553, the authority said. It already managed all four, and it said the purchase keeps them affordable.

The four are Evergreen Place on Roosevelt Avenue and the three that make up Heritage: Forest View, Nichol Town Green and Clark Ridge. They were built or rebuilt from 2006 to 2008 where Fieldcrest Village once stood, with a federal HOPE VI grant and with money from investors who received low-income housing tax credits in return. Those credits kept rents affordable for a set period, which has now ended. After it, an owner can typically raise rents to market rates, the authority said.

United Community Bank financed the purchase of Nichol Town Green and Clark Ridge. The authority paid for the other two from its own reserves.