Francis Street Lofts - Charleston Workforce Housing update

Hello Everyone:

The Francis Street lofts has been approved for FHA!

The building has been redeveloped into 12 single level and multi level lofts.  Currently, there are seven available units ranging in size from 621 to 1100 square feet.  Prices range from $169,900 to $249,900.  Unit L has been staged.

There is incentives available from the City.  To qualify for workforce housing, you must make 120% or less of the median family income and be a first time home buyer. 

Single - $52,200

2 people - $59,640

(These figures are based on HUD published income.) 

If you qualify, the City of Charleston is offering a $10,000 interest free forgivable loan to buyers.  This money can be used for the down payment or closing costs associated with purchasing a home.  The money is forgiven if you live and own the unit for ten years.  If you do not, the pay back figure is pro-rated based on the amount of time you own the unit. 

If you meet the criteria, you must attend a Home Buyer Education Class held at the Calhoun Street library.  They offer a one day session or two afternoon sessions - depending on the time of year.

For ore information, contact:

Ms. Florence Peters

Housing Development Officer

City of Charleston

843-724-7353

There is also funding available from Lowcountry Housing Trust and I'll send you the details once I have them.

Sharon

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