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Daniel Island News
September 7 , 2006
By Elizabeth Bush
Sharon Snook hopes to do something almost unheard of on Daniel Island. Rent a quality, three bedroom apartment for just $632 a month. The Hanahan resident and single mother of two is among the first applicants for a unit in Daniel Island’s new Seven Farms Apartments complex, an affordable housing initiative of the Humanities Foundation. Snook started working on the island about a year ago. In the morning, you’ll find her serving up coffee and breakfast items at Moo-Na Lisa. In the afternoon, she works for the Abbott Law Firm on Seven Farms Drive. Both her children attend school on Daniel Island.
"The opportunity is just unreal to be able to live on the island," said Snook while mixing up a vanilla latte for a customer at Moo-Na Lisa. "I pay $810 a month where I am now. So this would be just a great savings and so much more convenient."
Paige Braswell, Closing Coordinator for Daniel Island Real Estate, shares Snook’s enthusiasm for the affordable housing initiatives on the island. Also a single mother, she is interested in purchasing one of the Parkside Condominiums currently being offered through a partnership between the Daniel Island Company, Trammell Crow Residential, and the Charleston Bank Consortium. The units are located directly behind the new Daniel Island School on Blakeway Street. As part of the program, Braswell could qualify to buy a unit if she meets certain income requirements. The initiative offers assistance in the form of below market pricing, an interest-free second mortgage (approximately $21,000) that will offset down payment expenses and will not need to be repaid until the unit sells, reduced closing costs, and low interest rate financing. A possible third mortgage is also available to those who are at 80% of the HUD median income.
"This mortgage will also be like the second mortgage," said Nancy Fabian, Executive Director of the Charleston Bank Consortium, in an email response to the Daniel Island News. "Zero percent interest, non-repayable as long as the home buyers follow the resale and recapture guidelines. This would give the homebuyer an additional $21,500 towards closing costs or sales price reduction."
Preference for Parkside Condominiums is given to first time home buyers or those who have been displaced from their homes.
"I never thought I’d be able to afford anything out here," said Braswell, who is currently renting a townhome on Pierce Street. "But this just gives me an opportunity to own and it’s just great."
"It’s an opportunity for home ownership but also for these folks to live the Daniel Island dream and have their home appreciate like so many other folks who buy out here on the island," said Robert Morgan of Trammell Crow, the company constructing the condominiums.
The other "affordable" rental offering on the island is Blakeway Apartments, which are part of the Parkside Condominium project. Scheduled for completion in early 2007, the units are also being built by Trammell Crow and will be "seamlessly" mixed into the development. A professional management company will be hired to oversee the project. Rents for the units are expected to be between $1050 and $1200 per month.
The Daniel Island Business Association is hoping to get the word out to other island employees like Snook and Braswell. They’ve launched an "information drive" to publicize affordable housing opportunities for island employees. DIBA members Steve Smith, Renee Reinert and Doug Coupe are spearheading the effort by going "door to door" to let local businesses know about each of the three available housing programs. Smith outlined the offerings and application process for DIBA members at their monthly meeting last week.
"It’s a great opportunity and something we can all do as businesses to help our employees," said Smith at the meeting. "But also to shape the future of Daniel Island as well."
Smith and crew have made presentations to teachers at the Daniel Island School, employees at the Daniel Island Club, and to other area businesses. In addition, they have held "sign-up" sessions at Daniel Island Real Estate to help applicants through the process.
"Our goal is to take as many applications as we can," said Smith. "We have actually been sitting down with folks to help them fill out their applications ensuring that every ‘i’ is dotted and every ‘t’ is crossed because if they don’t fill out the application correctly, it is rejected."
According to Smith, the Humanities Foundation already has 135 names on a list for the 72 apartments available at their complex, located at the intersection of Daniel Island Drive and Seven Farms Drive. Smith encouraged island workers to get their applications filled out and completed as soon as possible so they would have a "head start" on the process. Qualifying applications will be accepted on a first-come, first-served basis, he said.
"It’s been interesting to learn that many Daniel Island employers pay wages above the maximum income requirements for the Seven Farms Apartments, especially when it comes to dual incomes," added Smith. "But we have found a good mix of people who qualified to rent apartments and also a number of people who may qualify for the condominium project."
"The response so far has been very positive," said Reinert, who is also a Daniel Island Real Estate agent. "We have had numerous people excited about all of these opportunities."
Matt Sloan, Chief Operating Officer for the Daniel Island Company, served as guest speaker at the DIBA meeting last week. Sloan praised the organization for taking the lead role in educating the business community about the island’s affordable housing initiatives.
"Helping an employee find a home on this island is a special thing," commented Sloan, whose company has provided financial assistance to employees purchasing homes on the island. "I have been fortunate enough to do that over the last ten years…I have employees who have done very well here…they’ve built up a substantial amount of net worth. The Parkside opportunity represents just that for (DIBA) employees. The rental side is a little tougher because of the income levels, but even still if you can help someone who is making that income level get out here and have their kids in the new (Daniel Island School), I just think that’s a once in a lifetime opportunity."
Dan Kingsbury, Broker-in-Charge at Daniel Island Real Estate, was also present at the DIBA meeting and commended Sloan for his efforts to help employees acquire housing.
"I don’t know of a better way to build loyalty," said Kingsbury. "It’s pretty powerful."
Sharon Snook hopes to feel at least a tiny bit of that "power" if she officially gets a chance to move to the island. At a time when escalating real estate values have made it increasingly hard to live "the American dream", Snook, Braswell and other interested island employees are one step closer to getting their own piece of the pie.
Tom Ratzloff contributed to this story.
