Charleston Redevelopment Corporation

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

“A director with a conflict of interest must disclose the nature of the conflict and provide a written statement to the president of the board prior to any action of the board on the issue for which the director has a conflict of interest. Such statement will be read and will be incorporated as part of the official minutes for the meeting. Further, the involved director must recuse himself/herself from any discussion, deliberation, and voting related to the issue which presents a conflict of interest.”

“The finance committee is charged with annual budget review including ceo compensation.”

“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.”

“During 2021, crc became aware of a 2020 transaction that was not recorded in its consolidated financial statements. A 4,000,000 grant from the city of charleston to crc for an approved project under the affordable housing general obligation bond funds, was sent directly to the approved project, never passing through crc's accounts. Crc identified and made this correction to its 2020 form 990 by increasing grant revenue and grant expense for this transaction. There was no impact to crc's net assets or change in net assets associated with this transaction.”

“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.”

“BAD DEBTS -150”