Organization: CHARLESTON REDEVELOPMENT
Mission: TO FACILITATE, DEVELOP, AND ADVOCATE FOR NEIGHBORHOOD REVITALIZATION, AFFORDABLE HOUSING CONSTRUCTION, PRESERVATION AND ECONOMIC DEVELOPMENT IN CHARLESTON COUNTY
Activities: 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.
NTEE category: Housing & Shelter
Secondary category: Community Improvement & Capacity Building