Building on its September launch, the Charleston Workforce Housing Fund today announced the acquisition of West Wind Apartments, marking the Fund’s first property purchase and an early milestone in its effort to preserve and expand access to affordable housing for the region’s workforce.
The Fund, catalyzed by the Charleston Regional Development Alliance (CRDA) and managed by Ascent Housing, acquired the 212-unit multifamily community in West Ashley in late December. Housing Collaborative, a 501c3 nonprofit committed to making affordable housing easier to navigate, is also a partner in the project.
A 20-year affordability deed restriction was recorded at closing, meaning rent protections and affordability commitments went into effect immediately upon acquisition. As a result of the acquisition, monthly rents for new residents will decrease by hundreds of dollars, delivering meaningful relief while providing access to working families who have been increasingly priced out of high-opportunity areas of the Charleston region…