Charleston Redevelopment Corporation

“The 990 was distributed, discussed, and voted on by the board prior to filing.”

“The organization makes these documents available upon public request at its corporate offices.”

“Line 6d: pclt sea island apartments, llc - a 48-unit apartment complex constructed for families with incomes 50% below the area median income at 3672 maybank highway, johns island, south carolina.”

“The palmetto community land trust (pclt) is a program of the charleston redevelopment corporation (crc), a private 501c3 nonprofit corporation governed by an all-volunteer board of directors. - our approach to affordable homeownership is a community focused effort. Our dedication to the community is highlighted by our board, which is 1/3 participants in the pclt program. - community control of land where the trust retains ownership of the land and conveys ownership of the improvements to an individual via a 99-year long-term renewable ground lease that can be inherited by future generations. - single family detached and multi-family housing is removed from the speculative market to restrict price appreciation and to maintain long-term affordability, both in ownership and rental housing. - preserves public and private subsidies by managing price appreciation, retaining community value, and recycling the subsidy, land, and affordable units for future generations. The resale price of clt properties is capped by a formula to ensure affordability remains with the property owner. - allows local control of the communitys housing future to build a long- term relationship with homeowners. - large scale development is possible through joint venture development and public-private partnerships.”

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