Charleston Co. Finance Committee Approves Over $5 Million for Affordable Housing

Charleston Co. Finance Committee Approves Over $5 Million for Affordable Housing

Building affordable housing has become a significant focus in Charleston County, South Carolina. The Charleston County Finance Committee has recently made a significant stride towards this goal by voting to allocate over five million dollars towards affordable housing construction.

Details about the Allocation

On Thursday, the Finance Committee of Charleston County approved the allocation of $5.8 million to the production of affordable housing. The funds, aimed at creating some 317 affordable housing units throughout the county, symbolize a significant step in addressing the rising need for affordable housing. The process is part of Charleston County’s broader initiative known as the Gap Financing and Infill Development Program, which is funded by the American Rescue Plan Act.

Views from Officials

Councilwoman Jenny Costa Honeycutt confirmed that the county has been actively addressing affordable housing needs in accordance with the “Housing Our Future Plan.” She said, “This is one of the tools that we have in that toolbox using these ARPA funds to close the gap where financing either by state legislation changes or some other mechanism has not been able to fill the project need”.

She went on to explain that the county is equipped to provide resources to ensure the successful completion of affordable housing projects, which now total to over 300 units.

Next Steps for Approval

The allocation will next go in front of the county council for approval. The plan is for various community partners to apply for the grant funding, which can result in awards between $500,000 and $1 million for individual projects.

This announcement comes as welcomed news for residents and future locals of Charleston County, impacting positively on the accessibility of affordable housing. Certainly, the support from local government and federal funding will boost the housing sector and hopefully inspire other regions to follow suit in providing affordable housing for their constituents.