CLF is pleased to announce its recent loan to Cobalt Developments, LLC for development in the Hunley Waters subdivision.  A loan in the amount of $232,000 will finance the construction of two affordable housing units in North Charleston that will provide housing for families earning up to 120% of the area median income (AMI).

 To further assist with the purchase of the two homes, $30,000 per unit in down payment assistance will be made available through financing from Hunley Waters-Cobalt Developments and the SC Community Loan Fund.

Cobalt Developments will work with Old Man Construction on this project, which will take four months to complete once construction begins.  Both units will meet National Association of Homebuilders (NAHB) Gold Certification and Energy Star Certification requirements.

“We are pleased to provide critical financing to increase the production of workforce housing in North Charleston,” said Michelle Mapp, executive director of the SC Community Loan Fund.  “Cobalt Developments provides affordable housing opportunities to those who desire to live close to where they work.  We are honored to be associated with this unique development that will help continue to revitalize the Noisette redevelopment area.”

“Financing with the SC Community Loan Fund allows qualified buyers a package for affordable, waterfront housing that would likely be out of reach for many families,” says Chris Swan, CEO of Cobalt Developments, LLC. “We are dedicated to providing affordable housing for middle-class families, particularly government employees like area police and deputy sheriffs. With CLF’s assistance, this project is feasible with two homes centrally located in the Lowcountry. Another bonus is sustainability; Hunley Waters homes feature the latest in energy-saving appliances and technology, thus saving homeowners monthly utility costs.”

About Hunley Waters

The Hunley Waters subdivision, located in the Noisette area of North Charleston, is a 36-lot gated community which began selling houses in 2009.  Sixteen lots have been developed, with twelve houses sold, two currently on the market, and two rental properties.  The two houses financed through CLF will enter the market around $203,000.  For more information, visit http://www.hunleywaters.com.

About the SC Community Loan Fund

SC Community Loan Fund’s mission is to build vibrant, sustainable communities by financing the production of affordable housing and to act as a catalyst to meet the fundamental needs of underserved neighborhoods. CLF finances projects that provide access to essential services, increase the quality and availability of neighborhood facilities, create employment opportunities, attract additional investment, and strengthen the social and economic fabric of the community.  Since its inception in 2004, CLF has infused $13.7 million in financing to developers that has facilitated more than $121 million in community development projects; funding has created or retained 2,757 jobs, 852 housing units, and provided a safe, decent and affordable place to call home for 2,130 individuals and families.