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Coastal Community Development Corp. $750,000 request put on hold after committee flags unit costs and financial gaps
Summary
Committee flagged CCDC's $750,000 request for housing capital as needing more detail: members questioned per-unit cost, lack of liabilities on the balance sheet and whether the purchased units benefit Hilton Head Island residents.
The finance committee put the Coastal Community Development Corporation’s $750,000 affiliated-agency funding request on hold and asked staff to return with additional information. Barnett pointed out the applicant’s financials show revenue of about $1.9 million and no liabilities on the balance sheet for 2024, and members pressed for details on where the 14 previously acquired units are located and what vacancies exist.
One councilmember said she calculated a rough town contribution of about $42,857 per unit for the 14 units acquired with prior funding and called that “really expensive” for workforce housing. Members suggested exploring other funding sources (including ATAX allocations and the town’s housing fund) and directed staff to flag CCDC as pending until the committee can verify location, vacancy and financing details.
