Project 3500 — peninsula affordable housing supply plan
Key Questions
What is Project 3500 in Charleston?
It aims for 3,500 affordable housing units on the peninsula by 2032. Focus includes workforce districts with 50%+ permanent affordability.
What specific developments are part of Project 3500?
162 Ashley proposes 40-45 student/retail units in a 7-story building at 5+80% AMI, with TRC review on 4/22. Hagood/Fishburne on 25 acres targets affordable housing, flood mitigation, and parking for MUSC/Citadel.
How does federal funding support these efforts?
HUD Section 8 receives $38.4B plus $2.4B, with $4.4B for homeless initiatives. This stabilizes multifamily and duplex NOI versus premium markets.
3,500 affordable by 2032; workforce district 50%+ perm affordability (OK). Nonprofit 4/22 workshop; 162 Ashley (40-45 student/retail,7-sty,5+80%AMI,TRC4/22); Hagood/Fishburne 25ac affordable/flood/parking (MUSC/Citadel); HUD Section8 $38.4B +$2.4B/homeless $4.4B stable MF/duplex NOI vs premium.