Charleston County Unveils New Affordable Housing Initiative

News Summary

Charleston County has launched the Local Housing Trust Fund with an $8 million investment to support affordable and workforce housing projects. The fund, designed as a revolving loan fund for developers, aims to increase safe and affordable housing amidst a growing crisis. With a projected need for 15,000 to 20,000 new units, this initiative is part of a broader Housing Our Future Plan. Additional projects, including 70 apartments for unhoused families and the proposed construction of 500 affordable units, highlight the county’s commitment to addressing long-standing housing needs.

Charleston County Takes Big Steps Towards Affordable Housing

In a major move to tackle the ongoing local housing crisis, Charleston County has unveiled a brand-new initiative: the Local Housing Trust Fund. With a hefty investment of $8 million sourced from local accommodations tax revenue, this fund aims to provide the much-needed support for affordable and workforce housing projects around the area. It’s a big moment, and not just for developers, but for residents struggling to find affordable places to live.

Revolving Loan Fund: A Game Changer

The Local Housing Trust Fund is set up as a revolving loan fund, which means it’s designed to provide below-market loans to developers and housing organizations. What’s truly exciting is that as the loans are repaid, the money will go right back into the fund, making it available for future affordable housing projects. This is a real win for communities looking to build more sustainable and affordable housing options.

Leaders on a Mission

County leaders recognize the pressing need for safe and affordable housing in Charleston and are putting their plans into action. The fund is part of the larger Housing Our Future Plan, which estimates that about 15,000 to 20,000 new affordable housing units will be needed over the next decade. Applications for developers and housing organizations to tap into this funding are expected to open in May, providing a timely opportunity for those looking to make an impact.

Addressing Long-Standing Needs

Local council member Rob Wehrman has underscored the importance of the initiative, which caters to the needs of residents who require safe and affordable housing options. The initiative is building on previous successful financing programs that have already helped numerous housing projects come to life, like the well-received Archer School Apartments and North Bridge Townhomes.

A Collaborative Effort for Change

This new fund represents a fantastic collaboration between Charleston County leaders and the South Carolina Community Loan Fund. Together, they are aiming to shine a light on the ongoing housing crisis that has plagued the region for decades, dating back to Hurricane Hugo in 1989, which devastatingly disrupted much of the vulnerable housing stock.

More Affordable Housing Projects on the Horizon

But that’s not all! Additional plans are in the works, including an exciting project from One80 Place. They are working to develop 70 apartments specifically for unhoused individuals and families at 573 Meeting Street, with completion expected by summer 2026. This is a welcomed effort focusing on long-term solutions to one of the most pressing social issues in our communities.

New Proposals for Morrison Drive

In another bold move, the mayor has proposed the purchase of two parcels on Morrison Drive, eyeing up the construction of 500 affordable housing units. This project aims to ensure long-term affordability with a permanent deed restriction on the units, directly addressing the needs of essential local workers like teachers and firefighters. Many of these hardworking individuals are being priced out of Charleston, and this project could help change that narrative.

A Commitment to Community

The overall initiative shows a strong commitment from city leaders to combat urban sprawl and enhance infrastructure by providing housing close to where people work. With these bold plans in place, Charleston County is on the right track to not only provide affordable housing but to also foster thriving communities where workers can live and thrive. It’s an exciting time for Charleston residents as they look towards a brighter future filled with opportunities for safe and affordable homes.

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Additional Resources

• Live 5 News: Charleston County launches new initiative targeting affordable housing issue
• Post and Courier: North Charleston Affordable Housing
• ABC News 4: Charleston County launches fund to boost affordable housing
• Count On 2: Sen. Tim Scott, HUD Secretary visit downtown Charleston affordable housing project
• Live 5 News: City of Charleston looking to purchase county property for affordable housing
• Wikipedia: Affordable Housing
• Google Search: Affordable housing Charleston
• Google Scholar: Affordable housing in Charleston
• Encyclopedia Britannica: Affordable Housing
• Google News: Charleston affordable housing