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Housing Authority to commit $1.5M/yr. to support affordable housing development

CHARLESTON, S.C. (WCBD) - The Housing Authority of the City of Charleston, in an effort to provide more affordable housing for extremely low-income families, commits up to 250 Housing Choice Vouchers in support of the City's approved $20M Affordable Housing Bond.

The Bond question, approved by voters last month, provides $20M for preservation and creation of affordable housing to low and moderate income households in the City of Charleston. This linkage of funding will permit for-profit developers to allocate more units for extremely low-income families in our city.

The Housing Authority piece will drive down the target audience to households at 30% of Area-Wide Median Income (chart attached) by providing rental support tied to the shelter occupied by eligible families.

The aim is to lease up to 250 new apartments in the city with first priority to peninsula locations for an initial 10-year term.

This financial commitment would provide up to $1.58M per year in support of the Bond development.

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