Charleston County Allocates $1.6 Million to Boost Affordable Housing Initiatives

Charleston County Takes Major Steps Toward Affordable Housing

Charleston, S.C. has taken a giant leap toward alleviating its affordable housing crisis! During their council meeting on Thursday night, the Charleston County Council approved over $1.6 million in funding for affordable housing initiatives. This decision is part of an exciting new pilot program called the Affordable Housing Land Acquisition Grant Program, aimed at helping nonprofit and for-profit agencies obtain land for affordable housing projects. Talk about a great way to tackle such an important issue!

Working Together for a Common Goal

The county isn’t flying solo on this adventure. They’ve teamed up with the Charleston Redevelopment Corporation, which means there’s a solid public-private partnership at play. According to Councilmember Jenny Costa Honeycutt, “This program is such an incredible opportunity because we get to partner with our local stakeholders… This is going to enable us to offer affordable housing to address the crisis we’re in.” It really sounds like a win-win scenario for everyone involved!

Funding Breakdown

Earlier, Charleston County had set aside $2.5 million from the American Rescue Plan Act (ARPA) specifically for this initiative. During the recent council meeting, they allocated $1.6 million to four different affordable housing developments spread across the county. That’s a hefty chunk of change aimed directly at building homes where they are most needed.

Projects Highlighted

Now, let’s dive into the exciting details of these four projects that received the green light!

• West Ashley Development: This project will be nestled off Ashley Crossing Drive and is set to be a multifamily rental property designed for households earning between 60% and 120% of the area median income. The project received $500,000 from the county.
• North Charleston Townhomes: Proposed as a two-community, 104-unit townhome development off Ashley Phosphate Road, this project is aimed at households earning less than 80% and 50% of the area’s median income. They also secured $500,000 for their plans.
• Murray Hill Homes: This development will feature eight homes, and the county has awarded $250,000 to support bringing these homes to reality.
• Mount Pleasant Single-Family Homes: Four one-level single-family homes will be built at 3667 Tower Drive, where an abandoned church currently sits. The developer of this project received $350,000 to help get started.

Flexible Solutions for a Pressing Need

One of the fantastic aspects of this program is its flexibility. Honeycutt emphasized that “Each arrangement is going to look somewhat different… it provides that flexibility to bring as many affordable housing units to the market as we can.” Each participating agency had to submit their complete plan back in October, and the county carefully reviewed and compared all submitted proposals.

What Comes Next?

For those developers eager to roll up their sleeves, there’s a timeline. They must commence construction within two years of signing the grant agreement. It’s a time to act, and with this funding, there’s a tremendous incentive to get cracking on these crucial housing projects.

As Charleston continues on its journey to provide affordable housing, one thing is clear: positive changes are on the horizon! If you want to keep an eye on this exciting program or learn more about how it’s shaping the community, you can look out for updates and details shared by the county.