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Charleston transfers land to Charleston Housing Authority

Real Estate - Residential
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The city of Charleston transferred 1.4 acres of land to the Charleston Housing Authority on Thursday for the development of affordable housing.

The land, near Meeting and Lee streets, will be developed into rented and owned housing for people with low and moderate incomes.

“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,” Mayor John Tecklenburg said.

A total of 55 rental units will be available when the project is completed, as well as five three-bedroom homes for sale:

  • 25 one-bedroom units for elderly households or individuals earning between 30% and 50% of the area median income.
  • Five two-bedroom units for households or individuals earning 30% to 50% of the area median income.
  • Five three-bedroom units for households or individuals earning 30% to 50% of the area median income.
  • 20 two-bedroom units for households or individuals earning up to 150% of the area median income.
  • Five three-bedroom homes for sale to households earning up to 120% of the area median income.

Construction of the housing is scheduled to begin in the summer of 2018 and is expected to take about two years to complete.

The project is expected to cost about $15 million to $16 million to build. The city will contribute $2 million, and the housing authority will cover the remaining cost through a loan that will be paid back using rental revenue.

Reach Patrick Hoff at 843-849-3144.

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