City transfers land to Charleston Housing Authority for Development of Affordable Housing
July 5, 2017
Thursday, Charleston Mayor John J. Tecklenburg, City Councilmembers and Housing Authority president and CEO Donald Cameron participated in the real estate closing for the transfer of about 1.4 acres of land near Meeting Street and Lee Street from the city of Charleston to the Charleston Housing Authority (CHA) for the development of 60 units of affordable rental and ownership housing for citizens with very low, low and moderate incomes.
Mayor Tecklenburg said, “In a time when affordable and workforce housing is crucial to the livability of our community, we’re excited about the Housing Authority’s plans for this site. This project is a great opportunity for our city, and we look forward to the day when hundreds of our citizens—from maintenance and hospitality workers to school teachers and firefighters—will be able to call these affordable new units home.”
The project is expected to cost about $15-16 million to build. In addition to the land, the city of Charleston will contribute $2 million and CHA will cover the remaining cost through a Bank of America loan, which will be paid back using the rental revenues. Construction is expected to begin in the summer of 2018 and will take about two years to complete.
There will be a total of 55 rental units available:
- 25 one-bedroom units for elderly households or individuals earning between 30 to 50 percent of the Area Median Income (AMI).
- 5 two-bedroom units for households or individuals earning 30 to 50 percent of the AMI
- 5 three-bedroom units for households or individuals earning 30 to 50 percent of the AMI
- 20 two-bedroom units for households or individuals earning up to 150 percent of the AMI
In addition to the rental units, there will be five three-bedroom homes for households earning up to 120 percent of the AMI. The sites for the homes will be owned and managed by the Palmetto Community Land Trust, the nonprofit organization developed by the City of Charleston in partnership with Historic Charleston Foundation.
