New Ownership Allows Apartments on Johns Island to Stay Affordable
By Michal Higdon | Originally featured December 11, 2019 on Live 5 WCSC News
JOHNS ISLAND, S.C. (WCSC) - A ribbon-cutting is set to take place on Wednesday to mark the new ownership of affordable housing apartments on Johns Island.
The Sea Island Apartment complex is located on Maybank Highway and officials say the new ownership is important because if the complex hadn’t changed hands, it might have lost its affordable housing status.
The Sea Island Apartments are considered a Low Income Housing Tax Credit Affordable Housing Complex.
Officials with the Charleston Redevelopment Corporation say the affordable restrictions were about to expire. That's when the Charleston Redevelopment Corporation, or CRC, decided to buy the complex and put it in their land trust. By doing that the complex will remain as affordable housing in perpetuity.
Officials with the CRC say if the complex hadn't found a buyer, who wanted to continue the affordability, then the apartments could have gone to market rates.
All 48 units at the Sea Island Apartments are affordable housing. The CRC does not plan to change the income threshold, which is at 50% to 6% of the area median income.
There are no plans, according to the CRC, to phase any families living there out.
The ribbon-cutting is set for Wednesday at 11 a.m. at 3672 Maybank Highway, Johns Island, SC
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