Charleston’s $20 million for affordable housing to be used as loan fund for developers
In November, Charleston voters overwhelmingly approved the city’s request to borrow $20 million for affordable housing projects. The city now has a plan for how to spend it.
City Council passed the guiding document Tuesday that formalizes the process for lending money to nonprofit developers who plan to build or redevelop affordable rental housing.
It establishes the types of projects that will be given priority through a scoring system for judging applications. For instance, lower rent prices and longer periods of affordability will score more points. Other criteria include proximity to bus routes and grocery stores, as well as how quickly the project can be completed.
