There are many solutions to the growing need for affordable housing including economic development and policy changes.
LHT is the premier financier of affordable housing in the Lowcountry. Since 2004, LHT has provided $13.7 million in community development financing for the production of affordable housing developments totaling $121million. The economic impact of LHT’s work is substantial.
Have you ever sat in traffic on I-26 or I-526 trying to get to or from work? Imagine if you lived within a short walk, bus or bike ride to your place of employment-in a community near a park, quality schools, restaurants, a grocery store, and in a home that was safe, energy efficient, and affordable to your family. Workforce housing not only benefits employees, but also employers who struggle to retain and recruit employees near job centers. Providing housing affordable to the workforce is essential to maintaining the level of economic vitality that is synonymous with the Lowcountry.
Collaborating with partners, LHT works to increase the stock of affordable rental units in the Lowcountry. To date, LHT has provided $2,221,296.20 in funding for the production and rehabilitation of affordable rental housing.
The lack of affordable housing can be attributed to developers’ apprehension towards and limited resources to building affordable developments. Part of the solution lies in local and state government developing and implementing incentives that encourage developers to produce affordable housing while also reducing unnecessary barriers that impede such developments.