Gap Financing

For more information about Charleston Homes Phase IV, please see the Phase III.

County Council allocated $11.5 million of American Rescue Plan Act funds to the Gap Financing Program. The program aids in closing the financial gap between the funding required for developing and operating affordable rental properties and developing affordable homesn Charleston County. The Community Development and Revitalization Department has implemented two funding cycles since the program's inception in 2022.

Phase I – Charleston County awarded Non-Profits and Developers $10.2 million for the development of affordable rental and homeownership projects.

Contact

LaToya Sulton | Program Manager

3660 Montague Ave., N. Charleston, SC 29418

Phone: (843) 202-7234

Email: LSulton@CharlestonCounty.org

Housing: Housing@CharlestonCounty.org

The County provided $2 million to the Humanities Foundation to renovate the historical Archer school into 89 affordable studio, 1 & 2-bedroom senior apartments. These homes will be available in the Spring of 2024.

For more information, please visit: HumanitiesFoundation.org | South Carolina: Archer School Apartments

The County provided $1.5 million to build North Bridge Town, 20 affordable 2 and 3-bedroom townhomes for low-to-moderate-income homeowners. Bridge North Charleston held a groundbreaking ceremony in October 2023.

For more information, please visit: BridgeNorthCharleston.org | North Bridge Townhomes

The County provided $3.3 million to Esau Jenkins LLC to build Esau Jenkins Village, a community with 72 affordable apartments in Johns Island for senior citizens 62 years and older.