City officials and Bloomberg Associates outline plan to create 3,500 affordable homes, seek $800 million in catalyzing funds

Charleston City Council heard a presentation Feb. 25 from Bloomberg Associates and city staff that set a goal of creating 3,500 additional affordable or attainable homes and identified roughly $800 million in catalytic funding the city would need to assemble from public, quasi‑public and private partners.

The pro bono consulting team from Bloomberg Associates, represented by Naaman Freeman, told council the region’s population growth has been driven by smaller, higher‑income households that are displacing larger, lower‑income households and tightening the rental market. “The area median income for a household of four is now well above $100,000,” Freeman said, adding that the city lacks enough units affordable to households at 50% of area median income (AMI) and below.

The presentation said the city must both increase overall supply and create more long‑term income‑restricted units so lower‑income households are not “cannibalized” by higher‑income renters. Freeman said the city should target income‑restricted affordability, with long affordability terms, and added that the mayor asked the team to include an additional goal: speeding development review and permitting.

“We must make developmen…