CHARLESTON COUNTY, SC (WCSC) – The Charleston County Housing and Redevelopment Authority is looking to sell 18 of its affordable housing homes to pay off approximately $ 800,000 in debt.
The CCARH manages Joseph Floyd Manor, Brighton Place and around 135 other houses in the county. The organization is a separate entity from the County and City of Charleston.
âWhat will happen with the proceeds is that we will effectively invest it in the housing stock that we currently maintain,â said Franklin Scott, CEO of CAHR. âWhat it will do is effectively extend the useful life of the properties we continue to work with in support of affordable housing. “
The houses that CCARH sells are currently uninhabited and have been for over a year. Scott says they don’t have the money to fix them right now, choosing to sell them to an organization that can.
“All of these 18 houses are houses with the housing authority that are offline,” said Sandino Moses, chairman of the board of directors of CCHRA. âWhen I say they’re offline, I mean over a period of a few years, in terms of hurricane damage over the years and not receiving HUD funding, the houses were damaged. When houses are damaged they cannot be occupied and every day we lose money.
The plan is to sell the homes to Charleston County Council for $ 2.47 million. The plan was presented Thursday night to the Charleston County Finance Committee and has been approved.
Board chairman Teddy Pryor said they plan to use US bailout funds to make the purchase, fix the houses, and then provide them again as affordable properties.
Moses, Pryor and Scott all see this arrangement as a win-win. The county is essentially using free money from the federal government to buy homes that they can make affordable for low-income families, and the CCHRA is pulling back from assets that strain its finances.
âWe look forward to this opportunity as it allows us the flexibility to seek private funding and support our housing activities,â Scott said. âBecause in the long term, sustainability is the biggest challenge we face. “
In previous meetings, the CCARH Board of Directors has grappled with the idea of ââreplacing or renovating the current decades-old Joseph Floyd Mansion. The first big step in making this goal a reality is to write off the debt of the organization.
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