Charleston County opens housing trust fund loans

In efforts to meet local housing demands for flexible, need-based revolving loans, Charleston County has the Housing Our Future Trust Fund. 

The fund, in partnership with South Carolina Community Loan Fund, has opened applications for non-profit and for-profit organizations with experience developing attainable housing, according to a news release. 

“With the launch of the Housing Our Future Trust Fund application cycle, Charleston County is taking another important step in addressing the housing challenges facing our community,” Kylon Middleton, Charleston County council chairman, said in the release. “This initiative reflects our shared vision for a county where all residents have access to safe, attainable housing, and by working alongside dedicated partners like the SC Community Loan Fund, we’re turning that vision into action one project at a time.” 

Launching the program in March, Charleston County Council allocated $8.35 million of the local Accommodations Tax revenue as seed money for the trust fund, the release said. 

The housing developed through the loans will support multi-family rental and homeownership housing in the county. According to the release, organizations can use the funds for acquisition, rehabilitation, new construction and pre-development costs, depending on each project. 

“SCCLF is pleased to once again partner with Charleston County in providing much-needed funding support through the Housing Our Future Trust Fund to increase housing opportunities now and for future generations,” Deborah McKetty,  SCCLF president, said in the release.