- Charleston opens 10 affordable homes in West Ashley.
- The city invested $3.7 million in Juniper Street Townhomes.
- The homes are part of Project 3500, which aims for 3,500 affordable units by 2032.
- Buyers qualify based on income and receive down payment assistance.
Contributing to Project 3500, a city of Charleston goal to build 3,500 affordable housing units by 2032, city officials cut the ribbon to 10 affordable houses in West Ashley’s Juniper Street Townhomes.
The townhomes were available to homeowners through the city’s First Time Homebuyer Initiative following a $3.7 million investment in the development. Residents qualify for the program if earning between 50% and 120% of the area’s median income, according to the initiative’s brochure.
“For most families, a home is the biggest purchase they’ll ever make, and in Charleston it’s gotten harder and harder to make it,” Mayor Cogswell said in a statement. “These homeowners did the hard part. Our job was to close the gap between what a home costs and what a working family can pay, and to make sure it stays that way for the next family, too. That’s what Project 3500 is for.”
To keep the housing affordable, the city of Charleston built a permanent subsidy into each property and paired buyers with down payment assistance through partner lenders, according to the city…