City of Charleston, Charleston Redevelopment Corporation celebrates new affordable homes and announces $55m affordable housing investment

The City of Charleston and the Charleston Redevelopment Corporation (CRC) celebrated the completion of four new affordable rental homes today with a ribbon cutting at 89 Fishburne Street, highlighting a successful public–private partnership and announcing significant new investments in affordable housing citywide.

The development is an in-fill project made possible through collaboration between the South Carolina Department of Transportation, which transferred a long-vacant parcel to the City of Charleston, and the City’s partnership with CRC, a local nonprofit community development financial institution. The City also contributed $100,000 in federal funding toward construction of the homes, which will provide much-needed workforce and affordable housing.

During the event, it was announced that 200 additional affordable housing units are currently in the pipeline across four CRC-led projects, representing a $55 million investment over the next three years.

“Affordable housing is one of my top priorities as Mayor, and projects like this show we are turning that commitment into action,” said Mayor Cogswell. “This project shows what’s possible when state, city, and nonprofit partners work together with a shared commitment to affordability.”

These 4 units are a part of Mayor Cogswell’s major affordable housing initiative to build 3,500 net new affordable housing units across our city by 2032. This ambitious project is essential to the growth of Charleston and ensuring our residents are not priced out of their communities.

With hundreds of additional units already underway, today’s ribbon cutting marks continued progress toward expanding affordable housing across Charleston. The City and CRC remain committed to building on this momentum and delivering more housing opportunities in the years ahead.