Council allocates $4.2M for local housing trust fund and opens new application cycle
April 26, 2025 | Charleston County, South Carolina
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The Charleston County Council convened on April 24, 2025, to discuss several key initiatives aimed at enhancing local housing and community development. The meeting highlighted the upcoming application cycle for funding, the establishment of a local housing trust fund, and the implementation of housing tax incentives.
The council announced that a new application cycle will open in May, with $1.4 million available for award. This funding is part of a pilot program that aims to improve the application process based on lessons learned from the first round. If initial applications do not fully utilize the available funds, the council will consider additional applications received during the review period. A launch event is planned to promote the ongoing projects funded by the first round and to inform the community about the second round of funding.
In addition, the council discussed the local housing trust fund, which received a total of $8.35 million in local accommodation tax dollars over the past year. Following a successful pilot partnership with a loan fund, the council signed an agreement in March to allow the loan fund to manage the program. Weekly planning meetings are ongoing, with the application and award process expected to be finalized soon. Applications for revolving loans will also begin in May, ensuring that the funds can be recycled for future projects.
The council also provided an update on housing tax incentives. In September 2024, a uniform tax exemption policy was approved to support affordable housing projects. The council has begun accepting notices of intent to apply for tax abatements, with two projects currently under review for full application. An online application system is in development to streamline this process.
Council members expressed gratitude for the staff's efforts in advancing these initiatives, with Councilman Kabrowski acknowledging the team's hard work and the leadership of Chairman Wierman. The meeting concluded with an invitation for questions from council members, indicating ongoing engagement and collaboration on these important community issues.
The council announced that a new application cycle will open in May, with $1.4 million available for award. This funding is part of a pilot program that aims to improve the application process based on lessons learned from the first round. If initial applications do not fully utilize the available funds, the council will consider additional applications received during the review period. A launch event is planned to promote the ongoing projects funded by the first round and to inform the community about the second round of funding.
In addition, the council discussed the local housing trust fund, which received a total of $8.35 million in local accommodation tax dollars over the past year. Following a successful pilot partnership with a loan fund, the council signed an agreement in March to allow the loan fund to manage the program. Weekly planning meetings are ongoing, with the application and award process expected to be finalized soon. Applications for revolving loans will also begin in May, ensuring that the funds can be recycled for future projects.
The council also provided an update on housing tax incentives. In September 2024, a uniform tax exemption policy was approved to support affordable housing projects. The council has begun accepting notices of intent to apply for tax abatements, with two projects currently under review for full application. An online application system is in development to streamline this process.
Council members expressed gratitude for the staff's efforts in advancing these initiatives, with Councilman Kabrowski acknowledging the team's hard work and the leadership of Chairman Wierman. The meeting concluded with an invitation for questions from council members, indicating ongoing engagement and collaboration on these important community issues.
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