Jesse Jackson Townhomes Revitalization
Greenville, South Carolina

Development:
472 Rental Apartments
126 Homeownership Units

HouseHeritage Commons, a development of 598 total units is an $82 million revitalization of the Jesse Jackson Townhomes (JJT) public housing community made possible by a $20 million grant TCG and the Greenville Housing Authority obtained in 2004 from the Department of Housing and Urban Development.  This revitalization will replace 340 units of distressed public housing on a former public housing site, and rehabilitate a deteriorated 202 unit off-site complex to a modern community with family-friendly amenities including a new community building and pool. The overall development includes 496 affordable rental housing and 126 single-family affordable homes within the Nicholtown Master Plan community.

Of the 472 multi-family units to be developed, the Greenville Housing Authority (GHA) will provide additional financing for127 public housing units on the former JJT site; 87 public housing units off-site; and 60 Project Based Section 8 units.  TCGD successfully obtained tax credits for the various phases in each consecutive year beginning in 2005, prior to the HOPE VI award; keeping the HOPE VI program ahead of schedule. TCGD successfully closed on 56% of the rental units and secured financing for 95% of the rental units within 24 months of the HOPE VI grant execution date. The revitalization phasing includes a 168 unit multi-family rehabilitation of an existing complex, Evergreen Place, utilizing $9 million in multi-family bond financing and HOPE VI funds, an off-site 40 unit 9% tax credit senior development, Charleston Place, with $4.5million in credits, and three on-site rental phases: Forest View, with 72 units and $6.5 million in credits; Nichol Town Green, with 96 units and $6.5 million in credits; and Clark Street Commons, with 96 units and $6.5 million in credits. TCG was able to obtain tax credit funding for both Nichol Town Green and Clark Street Commons in the 2007 funding round of the South Carolina State Housing Finance & Development Authority. There will be 74 on-site homeownership units and 52 off-site units.

Development Team:
TCG Development Services, Master Developer
Greenville Housing Authority

Financing:
Sun America Affordable Housing Partners Inc;
National Equity Fund, Inc
SC State Housing Finance & Development Authority

US Department of Housing & Urban Development
Greenville Housing Authority
Federal Home Loan Bank

Architect/Engineer:
Martin Riley & Associates
Ross Deckard & Associates
Urban Collage, Inc.

Contractors:
Creative Builders, Inc
Mutual Builders, Inc.

Marketing/Management:
TCGD/Community Market Services – Homeownership
Greenville Housing Authority - Rental