CHARLESTON, S.C. (WCSC) - The City of Charleston is requesting a $20 million resolution and grant agreement, which will go towards nearly 600 additional affordable housing units.
Tuesday’s meeting will be the first time the full city council hears the proposal. It will essentially make the Charleston Redevelopment Corporation in charge of all bond funds for affordable housing projects.
The City approved $20 million in grants years ago, but the grants were considered income to the affordable housing entities. So any time the city awarded the funds, they were still required to pay the taxes back. Which is what the city wants to change.
At Tuesday's meeting, the proposal would take that challenge away by providing deferred forgivable loans for these organizations.
All of the funding will still be used for affordable housing, it just exempts the income from being taxable income by administering the proceeds from the General Obligation Bonds.
The Ways and Means Committee will meet at City Hall Tuesday at 4:30 p.m..