Bluewater Horizons, LLC
Approximately half of South Carolina renters are cost burdened by their homes and in some of South Carolina’s urban areas, the lack of affordable housing has become a crisis. In order to increase the inventory of affordable housing, developers must use a variety of approaches, including renovating existing properties and ensuring rents remain affordable to low and moderate-income renters. Fortunately for North Charleston residents, Bluewater Horizons is doing just that.
Bluewater Horizons is an affordable housing developer who worked with South Carolina Community Loan Fund to finance the purchase and renovation of two North Charleston properties. The two properties were financed for just over a total of $1 million, and together provide 36 units of affordable housing available to low to moderate income renters. This population includes seniors or others living on a fixed income, and working families.
To Bluewater Horizons’ owner Shawn Sprinkel, working to improve existing properties provides impact beyond simply increasing the affordable housing options in a community. “My goal is to buy properties that are going to improve the street they are on in an area where the overall neighborhood has been a little neglected,” Sprinkel told Charleston’s Post & Courier. “I really believe in neighborhood stabilization for our society overall.”
While the community as a whole benefits from neighborhood stabilization, the longtime residents of these newly renovated properties are also pleased with the changes they are seeing and noted that the properties have undergone more improvements since being purchased by Bluewater Horizons than in the previous ten years combined. As Sprinkel noted, “If a place is [in poor condition], the people will just say, ‘Let’s get out of here and move somewhere else.’ I want this to be a place people call home.”