News Summary
Charleston County has initiated a new application cycle for its Affordable Housing Land Acquisition Grant Program, allocating an additional $1.4 million to mitigate the growing housing crisis. The program, which began with a $2.5 million fund, encourages developers to create long-term affordable rental housing targeted towards households earning up to 120% of the area median income. The deadline for applications is June 23, with funds available on a rolling basis thereafter.
Charleston County has launched a new application cycle for its Affordable Housing Land Acquisition Grant Program to combat a growing housing crisis in the region. The program, which first began in August 2024 with an initial funding allocation of $2.5 million, aims to encourage developers to create long-term affordable and workforce rental housing options. The county has now allocated an additional $1.4 million for this new round of funding.
Eligible applicants for the grant include both non-profit and for-profit developers with prior experience in affordable housing projects. The program specifically targets households earning up to 120% of the area median income and requires a minimum affordability period of 20 years. Projects that agree to extend this commitment to 30 years may receive priority consideration during the funding review process.
Funding provisions under this grant program are structured to offer a maximum of $250,000 for infill projects and $500,000 for multifamily developments. The Request for Applications is supported by a portion of the county council’s Coronavirus State and Local Fiscal Recovery Funds, providing a financial boost to combat the continuing housing challenges faced by residents.
The housing situation in Charleston County has reached critical levels, with a severe shortage of available homes. According to data from the Federal Reserve Bank of St. Louis, the housing inventory in Charleston County plummeted from 3,574 in June 2019 to a low of 472 in March 2022. Fortunately, there has been a slight increase, with the inventory reaching 1,910 homes by April 2025; however, experts still convey concerns about the pressures on development that are likely to escalate housing prices, particularly in areas like West Ashley and Mount Pleasant.
The first round of the Affordable Housing Land Acquisition Grant Program successfully allocated funds to several projects, including the Canopy on Ashley Phosphate Road, which is an example of a viable affordable housing initiative supported by this program. The definition of affordability used in the program aligns with federal standards, generally targeting residents at or below median income levels, with an 80% threshold being typical for projects like the Canopy.
County Councilmember Kylon Middleton pointed to the pressing need for more affordable housing options in Charleston County, illustrating the necessity of such initiatives in addressing current challenges. The deadline for submitting applications for this new cycle is set for June 23 at noon, with rolling applications thereafter until the allocated funds are fully committed. Interested developers are encouraged to act quickly to ensure their proposals are submitted within this timeline.
This proactive approach by Charleston County aims to address the escalating housing crisis while fostering the development of sustainable and affordable housing solutions to meet the needs of its residents.
Deeper Dive: News & Info About This Topic
HERE Resources
Charleston Faces Urgent Affordable Housing Crisis
Governor Signs Law to Boost Affordable Housing in North Charleston
Charleston Unveils New Affordable Housing Initiatives
Charleston Leaders Address Affordable Housing and Transit Challenges
South Carolina Housing Market Faces Potential Downturn
North Charleston Plans Real Estate and Zoning Overhaul
Charleston County Unveils New Affordable Housing Initiative
Charleston Secures $100,000 for Neighborhood Improvements
Charleston Approves $1.1 Million Lowcountry Lowline Contract
Charleston City Council Approves $1.1 Million for Lowcountry Lowline Project
Additional Resources
- Live 5 News
- Wikipedia: Affordable Housing
- Post and Courier
- Google Search: Charleston County housing crisis
- ABC News 4
- Google Scholar: affordable housing Charleston
- Count on 2 News
- Encyclopedia Britannica: Affordable Housing
- Bloomberg Law
- Google News: Charleston affordable housing development
