MAYOR COGSWELL MAKES OFFER TO CHARLESTON COUNTY FOR SUBSTANTIAL AFFORDABLE HOUSING INVESTMENT

Last week, Mayor William Cogswell took a significant step toward addressing affordable housing in our community by sending a letter of intent (LOI) to Charleston County's administrator to purchase 993 and 995 Morrison Drive. This initiative aims to create 500 new affordable housing units, addressing the urgent need for accessible housing options and helping to keep residents in our city.

Earlier this month, the City of Charleston and Bloomberg Associates announced ambitious targets to address the housing crisis exacerbated by an influx of higher-income newcomers, which is pushing longtime residents out due to low housing supply. This displacement disrupts lives and burdens our infrastructure, contributing to increased traffic congestion and longer commutes. A recent Charleston Metro Chamber of Commerce study found that local commuters now spend up to 25% more time on the road during peak hours compared to 2018.

In his letter dated October 10, 2024, Mayor Cogswell expressed his commitment to investing $20 million to tackle 15% of the city's affordable housing needs. He proposed two options for the 6.4-acre properties: a purchase price of $20 million or a donation from the County, with the City investing the same amount in soft and hard construction costs for the units.

Mayor Cogswell said, "Teachers, firefighters, hospitality workers and more are being pushed further away from where they work due to our affordability crisis. That puts more cars on the road, adds to urban sprawl, and makes it more difficult for employers to hire. Creating affordable housing within our city will lessen these issues for our small businesses, our residents, and ease the strain on our infrastructure."

The site is located near existing work centers and an existing CARTA transit line. Currently an empty parking lot that once housed the County's Circuit Court, the development will include a permanent affordable deed restriction on all 500 units, ensuring long-term affordability for the community.