Six Mile Outparcel
Rapid growth in South Carolina urban centers has dramatically increased housing costs, forcing families with modest incomes to move out, and often farther from their employment. Soon moderate income families will have the opportunity to live affordably in northern Mt. Pleasant, though, thanks to a collaboration between the South Carolina Community Loan Fund and a for-profit developer.
Six Mile Outparcel is building multi-family rental units adjacent to a shopping center completed in 2012 that includes a supermarket, retail and other services. The new development will house 92 families not eligible for state or federal housing programs, but still in need of affordable market rate rentals. South Carolina Community Loan Fund has provided a $500,000 loan to construct ten of the housing units. The rest of the project is financed by a commercial lender.
Tony Kassis, one of five members of the development group, says many of the people who work in the shopping center can’t afford to live in Mt. Pleasant. “If you can’t afford to live in the neighborhood where you work, there’s something wrong.”
The project is expected to be move-in ready by April 2017.