Gap Financing

For more information about Gap Financing Phase III, Click here

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 homes in Charleston County. The Community Development and Revitalization Department has implemented three 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.

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 negotiation with Phase I awardees.

• 573 Meeting Street ~ awarded to Michaels Development Company
• 275 Huger Street ~ awarded to CHA 275 Huger Street, LLC
• Mitigation Homeownership Project
  • 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
• Token Street Homeownership Project
  • 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

Phase II – Charleston County is in negotiation with Phase II awardees.

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

Phase III - Opens March 22, 2024

Housing

Housing@CharlestonCounty.org