City launches ambitious plan to tackle housing crisis
September 26, 2024 | Charleston City, Charleston County, South Carolina
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In a recent government meeting, city officials outlined an ambitious plan to address the significant housing gap in Charleston, which currently stands at 16,000 units. The proposed strategy aims to catalyze $800 million in investment to meet the city's housing needs, with a focus on sustainable funding and reducing homelessness.
Key proposals include fully funding the housing and community development (HCD) staff from the general fund to ensure continuity of programs regardless of federal or state funding fluctuations. Officials emphasized the necessity of increasing the annual general fund allocation for housing to at least $10 million by 2030, alongside securing an additional $200 million from alternative public funding sources such as bond initiatives or tax increment financing (TIF).
The city aims to leverage these funds to attract $500 million in private and philanthropic investments, acknowledging that traditional federal funding for affordable housing is not expected to increase in the near future. The meeting highlighted the urgent need to address homelessness, with current estimates suggesting around 4,000 unsheltered individuals in Charleston, a figure many believe to be an underestimate. The city currently has 254 shelter beds and 442 permanent supportive housing units, all of which are fully occupied.
To combat homelessness, officials proposed increasing the number of shelter beds and permanent supportive housing units, as well as stabilizing at least 1,000 existing households by 2030. This includes extending the affordability of approximately 500 existing affordable units set to expire in the next six years and assisting 400 renters in avoiding eviction through existing legal aid programs.
The meeting underscored the importance of maintaining current affordable housing stock while also striving to create new units, as preventing displacement is deemed more cost-effective than developing new homes. The city’s commitment to these goals reflects a proactive approach to addressing the housing crisis and supporting vulnerable populations within the community.
Key proposals include fully funding the housing and community development (HCD) staff from the general fund to ensure continuity of programs regardless of federal or state funding fluctuations. Officials emphasized the necessity of increasing the annual general fund allocation for housing to at least $10 million by 2030, alongside securing an additional $200 million from alternative public funding sources such as bond initiatives or tax increment financing (TIF).
The city aims to leverage these funds to attract $500 million in private and philanthropic investments, acknowledging that traditional federal funding for affordable housing is not expected to increase in the near future. The meeting highlighted the urgent need to address homelessness, with current estimates suggesting around 4,000 unsheltered individuals in Charleston, a figure many believe to be an underestimate. The city currently has 254 shelter beds and 442 permanent supportive housing units, all of which are fully occupied.
To combat homelessness, officials proposed increasing the number of shelter beds and permanent supportive housing units, as well as stabilizing at least 1,000 existing households by 2030. This includes extending the affordability of approximately 500 existing affordable units set to expire in the next six years and assisting 400 renters in avoiding eviction through existing legal aid programs.
The meeting underscored the importance of maintaining current affordable housing stock while also striving to create new units, as preventing displacement is deemed more cost-effective than developing new homes. The city’s commitment to these goals reflects a proactive approach to addressing the housing crisis and supporting vulnerable populations within the community.
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