Hang on to your hats, we’ve got some big numbers coming at you. On Dec. 21, the SC Fiscal Accountability Authority approved approximately $300 million in tax incentives for affordable housing across the state.
Funds will largely go toward nearly two dozen projects in the state — mostly in Charleston, Columbia, Spartanburg, and Greenville. The tax incentives were approved under SC’s Workforce and Senior Affordable Housing Act.
$17,385,000 of the incentives has been allocated to the Blue House Commons Apartments project in North Charleston. This chunk of change can be used to cover a portion of the costs of acquisition + renovation of the 120-unit multifamily housing development.
An additional project will convert the old Archer School — which is now vacant — on Charleston’s East Side neighborhood into low-cost housing.
The funding will address the rising need for affordable places to live in the Lowcountry. In the next decade, Charleston will need 16,351 affordable homes for community members. (The Post and Courier)
