Greenville, South Carolina
Projected Home Prices: $80,000
Median Home Price in the Metropolitan Statistical Area: $108,000
Description: The Viola community was once one of Greenville's finest African American communities. Dating from the late 1800's the Viola neighborhood was home to influential minority business owners and community leaders. By the 1960's it had become a rental community infested with crime, drug activity and poverty.
In 1994, a private development company was enlisted to provide advisory services for the Viola neighborhood. The company quickly recognized the neighborhood's potential.
Being careful to respect the residents, a replacement plan was introduced that provided steady improvements and avoided displacement. As a house was completed, an existing resident was moved into the house. The vacant house was demolished to allow road construction or additional home construction.
All new homes were required to meet particular architectural standards. These guidelines are intended to recapture the original housing stock and design. Previous renters were placed in a homeownership program that provided first and second mortgages with a forgivable third mortgage.
At project conclusion, 138 substandard houses will have been replaced with 90 new owner-occupied homes.