Charleston City Council to consider $1.425M to buy land for affordable housing
CHARLESTON, S.C. (WCSC) - Charleston City Council is set to consider spending more than $1.4 million to buy roughly 1.5 acres of land on the northern edge of the peninsula to build affordable housing.
The city’s real estate committee gave its blessing to the project Monday afternoon, sending it to the full council on Tuesday.
Plans call for acquiring the land that currently houses four homes on Cunnington Avenue for $1.425 million, demolishing the homes and building 50 units of affordable housing in their place.
A center to aid those experiencing homelessness and those at risk of homelessness is also part of the proposal.
The development is targeted at those who fall into low-income and very-low-income categories.
“We know in particular that persons that earn 60% and below the area median income need homes as much as anyone else, and so this is part of that goal to meet that need, building units that folks can actually live in and have safe, decent and affordable housing for the long term,” said Geona Shaw Johnson, the city’s housing and community development director.
Federal money as well as fee-in-lieu dollars will help cover the purchase price.
Johnson said the city is always looking for properties that it can use to help increase the amount of affordable housing in the city, adding the purchase price is more than $200,000 less than the land is worth.
The city expects to close on the property within three months, but it will be roughly two years before work is complete.
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