Point Hope developers commit to providing affordable housing

With the price of homes and rent increasing across the country, the need for affordable housing in new developments has been a concern for municipalities to ensure that established or long-term locals aren’t priced out.

 

The DI Development Company, which is developing the master-planned community off Clements Ferry Road, anticipates 11,000 to 12,000 new units will be built in the area over the next 15 to 20 years and said it has been working to incorporate affordable housing into those plans.

 

“Ten percent of all multifamily housing in Cainhoy is deed-restricted as workforce housing,” Matt Sloan said about the development during a recent Berkeley Chamber of Commerce event. Sloan is president and CEO of the DI Development Company.

 

“We exceeded our 5% goal on Daniel Island (during its prior development). Here, we doubled it to 10%. So, it’s here, and we are getting it done.”

 

According to the City of Charleston, “workforce housing” is for “those who earn too much to qualify for traditional affordable housing but not enough to afford a market-rate home or apartment. Families earning between 81% and 120% of the area median income typically qualify for workforce housing.”

 

Meanwhile, “affordable housing” is generally defined by the U.S. Department of Housing and Urban Development as “housing on which the occupant pays no more than 30 percent of gross income for housing costs, including utilities,” according to the U.S. Department of Housing and Urban Development.

 

Sloan said the DI Development Company built a precedent to set aside affordable housing during Daniel Island’s development and has since increased its goals for Point Hope and made it enforceable through deed restrictions on all multifamily developments.

 

“Anytime you see a multifamily development here, 10% of those units are deed-restricted. You just have to go talk to the property manager and put your income out in front of them.”

 

Two communities currently going through design and permitting have already set aside units for affordable housing.

 

The Point Hope Townhomes project, developed by Ashton Charleston Residential, will include 110 affordable housing units across 23 buildings on 42 acres at 1730 Clements Ferry Road.

 

Additionally, Woodfield Point Hope 4, a 300-unit multifamily development on 21.9 acres at 1260 Clements Ferry Road, will also include affordable units.

 

“As a mixed-use community, our plans for Point Hope include providing residential options for all price points and people of all ages, and we are working with numerous other developers and builders to achieve this,” said DI Development Company Communications Director Julie Dombrowski.In addition to rentals, plans are underway for a for-sale workforce housing neighborhood located within the Restore at Point Hope section. 

Homes are expected to be priced around $300,000, significantly below the community’s current average home price of more than $750,000.

 

“They’re kind of targeting the market, be it your single moms, your entry-level teachers,” Sloan said. “They’re trying to keep those products in the $300,000 range.”

 

Erin Dudley, manager of Point Hope’s marketing and residential sales center The Hub, highlighted the real-world impact affordable housing has on individuals who are working on increasing their income, many of whom may include service workers, health workers, and educators. 

 

“Teachers are so crucial, and quite frankly, (some) can’t live in the districts they’re teaching in, so they can’t afford to leave them. That’s something that needs to change, and so that’s a concerning effort for us.”

 

As the community continues to grow, the developers behind Point Hope said they are committed to ensuring that growth includes everyone. 

 

“The landowners took it upon themselves at Point Hope to establish a 10% affordable housing goal,” Dombrowski said, “and that goal is already actively being pursued.”