Seven Farms Apartments was financed with a gap loan from LHT

Local affordable housing developments are getting a boost with a $1.5 million award from the Community Development Financial Institution Fund. The award was given to the Lowcountry Housing Trust (LHT) to build and rehab affordable housing in coastal areas of South Carolina.

Michelle Mapp, LHT’s executive director, explained the need for affordable housing in a press release:

With job growth in the region being fueled by new companies such as Boeing and Tire Kingdom, there continues to be a demand in our market for affordable housing and capital to support its development. We view the development of housing close to these emerging employment centers as a critical economic development issue and will continue to pursue new funding partnerships with other municipalities, the local business community and financial institutions in the region.

Since LHT was created in 2004, 750 affordable housing units have been created and 1,615 families and individuals have been assisted. Additionally, 95 loans have been made to developers and 99 to homebuyers. Projects in Charleston, Dorchester, Berkeley and Georgetown counties are financed by LHT.