Charleston voters pass $20M affordable housing referendum
Charleston taxpayers overwhelmingly voted "Yes" Tuesday on funding $20 million worth of affordable housing projects around the city.
The referendum passed by a 70%-30% margin, with 6,039 people voting "Yes," and 2,558 voting "No," according to unofficial results provided by Charleston County election officials.
The $20 million would come from bonds issued (i.e., loans taken out) by the city, which would be repaid after 20 years.
City officials said when they voted in April to place the bond referendum on the ballot that the $20 million will be used primarily for buying land and building new multi-family housing developments.
Other portions of the bond money will go toward renovating current housing facilities and some historic city properties in need of various amounts of refurbishing.
Bond funds will also go toward funding gap financing for Low-Income Housing Tax Credit projects, city officials say.
City leaders expect to build roughly 800 new multi-family and single-family housing units with the bond money.
According to the city's bond proposal, people in households that earn anywhere from 30 to 120 percent of the city's income mid-point ($68,800/family of four) would be eligible to live in the housing.
Check back with ABC News 4 as we continue to follow developments to this decision.
To view more election results, CLICK HERE.