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Year 15 Properties

Year 15 Properties

Please Note:  This information is provided for the sole purpose of providing a “clearing house service to the multifamily affordable rental housing community and not as an endorsement of any individual interested party, either buyer or seller. SC Housing continually receives requests to identify either (1) properties whose owners are interested in selling or (2) individuals, partnerships or non-profits, etc. who might be interested in obtaining existing affordable multifamily rental properties. All properties listed and described on this page have been approved for inclusion by the property’s ownership entity. It is the intent of SC Housing to market the properties identified solely in compliance with the IRS Code Section 42(h)(6)(E)(i)(II).

Property Name & Location: 
Rutledge Place Apartments
554 Rutledge Avenue
Charleston, SC 29403

Qualified Contract Price: $7,293,002

Property Details and Summary Information:
Three (3) multi-story vinyl-brick buildings consisting of 40 units targeted for elderly persons.  Amenities include: On site laundry facility, picnic area, units wired for cable television, sidewalk access to parking, sprinkler/irrigation system, etc.

LIHTC Units:           40
Market Rate Units:  1
Total Rental Units:  41
On Site Manager:   Yes
Land Size:              0.82 acres
LIHTC Project ID:   99013


Bedroom Mix

# of Units

Unit Sq. Ft.

Income Targeting

Monthly Gross Rent per Unit

Efficiency

3

420

50%

$577

Efficiency

9

420

60%

$723

1 BR

7

525

50%

$618

1 BR

21

525

60%

$774

  
Twenty-four percent (24%) of the units are targeted to elderly persons whose income is 50% or less of the area median gross income and seventy-six percent (76%) are targeted to elderly persons whose income is 60% or less of the area median gross income.



Grand Oak Apartments
1850 Magwood Drive
Charleston, SC 29414

Qualified Contract Price: $7,275,882

Property Details and Summary Information:
Nine (9) multi-story vinyl buildings consisting of 60 units targeted for elderly persons.  Amenities include: On site laundry facility, exercise room, computer center, picnic area, units wired for cable television, sidewalk access to parking, sprinkler/irrigation system, etc.

LIHTC Units:           59
Market Rate Units:  1
Total Rental Units:  60
On Site Manager:   Yes
Land Size:              3.11 acres
LIHTC Project ID:   98032

Bedroom Mix

# of Units

Unit Sq. Ft.

Income Targeting

Monthly Gross Rent per Unit

1 BR

22

621

50%

$522

1 BR

24

621

60%

$646

2 BR

8

1043

50%

$627

2 BR

5

1043

60%

$776

 
Fifty percent (50%) of the units are targeted to elderly persons whose income is 50% or less of the area median gross income and fifty percent (50%) are targeted to elderly persons whose income is sixty (60%) or less of the area median gross income.


For Information contact:  Laura Nicholson, Development Director
South Carolina State Housing Finance & Development Authority
300-C Outlet Pointe Blvd.
Columbia, SC 29210
Ph: (803) 896-9190
Email:  laura.nicholson@schousing.com