City of Spartanburg issued the following announcement on March 3.
Kennedy Street development would provide 55 units of affordable housing
At their last meeting, Spartanburg City Council gave approval to a property sale that could pave the way for Downtown Spartanburg's first-ever apartment development composed of entirely affordable units.
Located adjacent to the Kennedy Street parking garage on the corner of Kennedy and S Converse streets, the 2.6 acre site will be sold to developer Blue Wall RE LLC for $4,500, well below market value, in the hopes that the developer will be able to secure state Low Income Housing Tax Credits (LIHTC) to construct the project's planned 55 units. If successful, the units would be leased to those making no more than 80 percent of area median income. Specifics on the envisioned unit mix and income levels is as follows.
• 17 studio apartments. Maximum household income for any unit of this type would be approximately $43,520 (equal to a person working full time at $20.92 per hour). The average household income for these 17 units must be at or below approximately $31,500 (equal to a person working full time at $15.14 per hour).
• 17 one-bedroom apartments. The maximum household income for any unit of this type would be approximately $43,520 (equal to a person working full time at $20.92 per hour). The average household income for these 17 units must be at or below approximately $31,500 (equal to a person working full time at $15.14 per hour).
• 21 two-bedroom units. The maximum household income for any unit of this type would be approximately $54,200 (equal to a person working full time at $26.06 per hour). The average household income for these 17 units must be at or below approximately $39,870 (equal to a person working full time at $19.17 per hour).
The proposed development is still in its early stages, and its future will hinge largely on the developer's success in applying for the state's LIHTC program. Word on the success of that application should be known later this year, and if successful, the project would break ground in 2023. Today on the podcast, we're talking with City Manager Chris Story about this first-of-its-kind development for Downtown Spartanburg and how it fits into the City's overall vision for affordable housing. Listen below to learn more.
Original source can be found here.
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