CHARLESTON, S.C. (AP) – The city of Charleston is donating land to the Housing Authority to build housing for low income residents downtown, where property values have skyrocketed.
The city announced the donation of 1.4 acres near the end of Interstate 26 on Thursday. The Charleston Housing Authority says it will begin building the 55 homes on the site next summer.
The city is giving $2 million to the project, and the authority will take out a loan of about $16 million to be paid back through rental revenues.
Charleston Mayor John Tecklenburg said in a statement that keeping affordable housing in downtown Charleston is critical to keeping the city livable.
Community advocates have said rapidly rising property values have forced poorer residents into the Charleston suburbs.
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