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BEAUFORT, S.C. (Sept. 15, 2022) – City Council gave its approval to supporting a regionwide Affordable Housing Trust Fund at its meeting on Sept. 13.
Under the intergovernmental agreement (IGA) City Manager Bill Prokop will sign, the City of Beaufort would contribute to the Housing Trust Fund over the next 10 years, along with Beaufort and Jasper counties, and the municipalities of Hilton Head Island, Port Royal, Bluffton, Hardeeville and Yemassee, some of which have not yet signed.
The City will contribute $200,671 in Year 1 and a total of $518,548 over the 10 years. The total pledged amount from the various jurisdictions is $7.2 million over 10 years. Contributions are based on size of population.
For more than two years, these local governments have met and discussed their shared plight of lack of affordable housing for low-income families.
“The Trust Fund will support the development of affordable housing in the region,” said Prokop. “It will encourage public-private partnerships to create more affordable housing.”
Under the terms of the IGA, funds could be used to match other funds from federal, state, or private resources, including the State Housing Trust Fund.
Once all the jurisdictions have signed the IGA, a 9-member Regional Housing Trust Oversight Board will be formed, with each party having one representative on the board, who will serve a two-year term. The 9th appointee will be an at-large member agreed upon by all the jurisdictions. No elected officials will serve on the board.
The City’s contribution is coming from its American Rescue Plan funds.