Tri-County Housing Futures Fund

Geona Shaw JohnsonChief Executive Officer

geona@tricountyhousing.org

Geona Shaw Johnson was the City of Charleston's Director of the Department of Housing and Community Development under three mayoral administrations and transformed Charleston’s housing landscape by championing neighborhood revitalization, fueling economic growth, and opening doors to first-time home buyers.

Tri-County Housing Futures Fund (THFF) is a $100 million initiative of Coastal Community Foundation of South Carolina (CCF) addressing the shortage of safe and affordable housing in Berkeley, Charleston, and Dorchester counties.

The ambitious goal to raise $100 million in five years will fuel a three-pronged approach to expanding housing opportunity through community partnership:

• Improving strategies to create new for-sale and rental homes
• Providing repair opportunities to existing homes
• Providing capital to finance housing

THFF will improve cross-sector communication, coordination, and resource sharing to improve efficiency.

THFF will use blended capital through a combination of grants, loans, and co-investment to support a variety of projects and multiply impact. All housing created through THFF will be deed protected for 50 years or more to create long-term affordability.

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Nearly 40% of Tri-County families spend a third of their income or more on housing. In 2005, a family of four in the Tri-County region could live on approximately $36,000 per year. 20 years later, it requires $89,000 to cover basic housing costs, utilities, childcare, and food. THFF plans to create opportunities for a wide range of incomes, addressing the full spectrum of community need.

The lack of housing options to support a range of income levels, along with rising costs, means the problem is only growing. At this rate, there will be an estimated shortage of 34,000 homes by 2040. This issue shows up in other aspects of the community. It puts strains on public services, increases traffic, reduces the available workforce, creates challenges for health and education, and weakens the overall economic vitality of the region.