ROCK HILL, S.C. — A Charlotte-area developer is seeking solutions for the lack of affordable housing in Rock Hill.
Monday night, Rock Hill city leadersapproved an apartment project that will offer below-market-rate housing for low-income families.
On Heckle Boulevard, 11 acres behind the BP gas station will soon turn into the Magnolia Terrace Apartments.
"It's a great location because of the proximity to the Food Lion, the grocery stores, the pharmacy," Mark Richardson with Greenway Residential Development told WCNC Charlotte.
The developer plans to build 156 one-to-three-bedroom units. The community will be comprised of seven buildings that are three stories high, green space, and a pool.
The units will be for renters making 60% of the area's median income. For a household of two, that means making a combined $47,000 a year. The income levels for different household sizes are set by the U.S. Department of Housing and Urban Development for the Charlotte metropolitan area each year.
At Magnolia Terrace, a one-bedroom apartment will likely cost around $850 a month.
“This is something we looked at last year and it just didn’t work out so we’re continuing to try to get more affordable housing in Rock Hill," Mayor John Gettys said before the council voted to award a $17.6 million bond to the project.
Richardson said the total project will cost about $35 million.
The goal is to help renters who are struggling to find somewhere they can afford to live in Rock Hill.
"We have market studies that show there could be about 10 of these [apartments] developed in the next five years and it still would not be enough," Richardson said.
According to Rock Hill Housing Authority, in 2022, 187 households were on the waitlist for public housing and 417 were on the waitlist for Section 8 housing.
Richardson said the biggest challenge of building affordable housing is competing with other developers for public financing.
"There's not enough credits to go around for everybody so only 20 deals might get awarded in the state of South Carolina every year," he explained.
Construction is expected to start in November and will take about a year and a half to finish.
Contact Julia Kauffman at jkauffman@wcnc.com and follow her on Facebook, Twitter and Instagram.
This story is part of ‘I Can’t Afford to Live Here,’ a collaborative reporting project focused on solutions to the affordable housing crisis in Charlotte. WCNC Charlotte is committed to reporting on the issues facing the communities we serve, including affordability. We tell the stories of people working to solve persistent social problems. We examine how problems can be solved or addressed to improve the quality of life and make a positive difference. WCNC Charlotte is seeking solutions for you by providing the following assistance programs in Charlotte:
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