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.

Phase I: Charleston County is in negotiations with Phase I awardees

  • 573 Meeting Street ~ awarded to Michaels Development Company
  • Token Street Homeownership Project ~ awarded to Metanoia
    • 1909 Token Street, North Charleston, SC 29405
    • 1910 Token Street, North Charleston, SC 29405
    • 1911 Token Street, North Charleston, SC 29405
    • 1913 Token Street, North Charleston, SC 29405
    • 1915 Token Street, North Charleston, SC 29405
    • 1917 Token Street, North Charleston, SC 29405
  • 275 Huger Street ~ awarded to CHA 275 Huger Street LLC
  • Mitigation Homeownership Project ~ awarded to Community First Land Trust
    • 1986 Delaware Avenue, North Charleston, SC 29405
    • 2146 Garfield Avenue, North Charleston, SC 29405
    • 2017 Groveland Avenue, North Charleston, SC 29405
    • 2214 Easton Street, North Charleston, SC 29405
    • 2020 Hugo Avenue, North Charleston, SC 29405
    • 2040 Arbutus Avenue, North Charleston, SC 29405

Phase II: Charleston County is in negotiation with the Phase II awardees.

  • Baxter Street Homeownership Project ~ awarded to Metanoia
  • Ashley River Attainable Housing ~ awarded to Charleston Redevelopment Corporation
  • Lowline Affordable Housing ~ awarded to Lowline Housing, LP
  • Gateway at the Charleston ~ awarded to Gateway at the Charleston, LP

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

Phase III: (Date TBD)

Opens March 22, 2024

Learn more below

Affordable Housing Gap Financing & Infill Development Program

Phase III

Gap Financing and Infill Development program aids in closing the financial gap in the funding required for developing and operating affordable rental properties and home ownership. Charleston County Department of Community Development and Revitalization opens another round of Gap Financing and Infill Development to assist with the rising cost of building affordable single and multi-family homes. 5.8 million dollars is available for for-profit and non-profit applicants proposing the development of affordable rental and for-sale housing. Funding is provided by the American Rescue Plan Act of 2021 (ARPA).

Application Process and Submission

For the application instructions, please review the Request for Application (RFA).

Applications will be available online at 5PM on March 22, 2024. The deadline to apply is April 15, 2024 at 5PM. Apply Now!

Funding Types

All projects funded must achieve financial closing by September 30, 2024, and agree to a minimum 30-year affordability period.

  • Multifamily Gap Financing (10 or more units) – Revolving Loan up to $2,000,000 per project
  • Infill Development Financing (1- 9 units) – Grant Award up to $500,000 per project

Additional Requirements

Applicants are required to comply with all provisions of the ARPA Act of 2021 and amendments by the United States Department of the Treasury. Applicants are strongly encouraged to review Treasury Department guidance on ARPA funding, including specific guidance on affordable housing. Information on ARPA funding can be found at the following links on the Housing and Neighborhood Revitalization websites:

ARPA Funding Guidance
Overview of the ARPA
ARPA Affordable Housing How-to Guide
Contact Information

For more information regarding the the program requirements can be found on this page, or by contacting:

LaToya Sulton | Program Manager

3660 Montague Ave., N. Charleston, SC 29418

Phone: (843) 202-7234

Email: LSulton@CharlestonCounty.org

Housing: Housing@CharlestonCounty.org