Greenville City Council approved an ordinance that establishes a special tax assessment for low to moderate income rental housing at its June 25 meeting.

Specifically, the ordinance will provide a tax incentive for Greenville Summit LLC, a subsidiary of JE Properties, to maintain the property located at 201 W. Washington Street in downtown Greenville for low to moderate income housing.

"As home prices continue to rise and the housing shortage worsens, we are encouraged by the City's and our client's efforts to create and maintain this property as attainable housing for the citizens of Greenville," said Adam Artigliere, who represents Greenville Summit LLC and worked with the City to draft the ordinance.

"Our vision for the Greenville Summit is to provide affordable housing to local residents for the next 20 years. The City's dedication to affordable housing made preserving the affordability for more than 100 city residents possible," said Joseph Eddy, President of JE Properties.

"This ordinance provides us with additional tools to utilize in our ongoing efforts to preserve the existing inventory of affordable housing units, as well as develop new housing, and will help ensure the availability of affordable housing now and for many years to come," said Ginny Stroud, the City's Community Development Administrator.