Affordable Housing Gap Financing and 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
Application instructions: Request for Application (RFA) Click here.
Applications will be available online on at 5:00 p.m. on March 22, 2024. The deadline to apply is April 15, 2024, at 5:00 p.m.
Funding Types:
- 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.
All projects funded must achieve financial closing by September 30, 2024, and agree to a minimum 30-year affordability period.
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:
Contact Information
More information about the program’s requirements can be found on the Community Development and Revitalization website or by contacting Program Manager LaToya Sulton at 843.202.7234 or housing@charlestoncounty.org.
Contact
3660 Montague Ave.,
North Charleston, SC 29418
Phone: (843) 202-6960
Fax: (843) 760-4181
Office Hours:
Mon. - Fri. 8:30am - 5pm
Municipalities
City of Charleston
City of Folly Beach
City of North Charleston
City of Isle of Palms
Town of Awendaw
Town of Hollywood
Town of James Island
Town of Kiawah Island
Town of Lincolnville
Town of McClellanville
Town of Meggett
Town of Mount Pleasant
Town of Ravenel
Town of Rockville
Town of Seabrook Island
Town of Sullivan's Island
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