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Daniel Island News
September 7 , 2006
By Elizabeth Bush
It’s no secret that Daniel Island has become one of the most desirable places to live, not only here in the Lowcountry, but nationally as well. That interest has helped spark an amazing rise in real estate prices on the island since the development’s inception in 1996.
While many island residents are enjoying a tremendous surge in home equity, others interested in relocating here have found the real estate prices too steep to take the plunge. As a result of to a series of affordable housing initiatives on the island, more opportunities are now available. To the right is a list of all three - two rental programs and one home ownership initiative - available to qualified applicants.
Parkside Condominiums
Location: Blakeway Street behind the Daniel Island School
Expected Price Range: $220,000 - $250,000
Number of Units: 84
Size: 1139 to 1351 square feet
Special Features: These two and three bedroom units, each with two baths, will feature crown molding, maple cabinets, tile flooring in the kitchen and bath areas, solid surface countertops in the kitchen, and cultured marble countertops in bathrooms.
Program features: This is a privately-led initiative between the Daniel Island Company, Trammell Crow Residential and the Charleston Bank Consortium. It is designed to offer first-time home buyers, and others who meet the income requirements, an opportunity to own a home on Daniel Island. Those who qualify will receive assistance in the form of an interest-free second and third mortgages (that will not need to be repaid until the property sells) for down payment expenses or sales price reductions and a loan interest rate that is ½ percent below Fannie Mae. In addition, Trammell Crow and Daniel Island Real Estate will reduce their profit structures and commissions to be able to offer the units at below-market value.
Income Requirements: Must make between 100% to 150% of the area’s median family income.
Income Requirements:
Number in Family/Maximum Income
(150% of Avg. Median Income)
1 $59,250
2 $67,650
3 $76,200
4 $84,600
5 $91,350
Restrictions: Purchasers are restricted for five years on resales. If, during the initial five year period, the homeowner needs to sell the property, it can only be sold to qualified buyers. Rentals are prohibited for ten years as these units are to be "owner-occupied".
Anticipated Completion Date: Spring 2007
To apply: Contact Renee Reinert or any other Daniel Island Real Estate Agent at 971-7100. Approximately 42 of the units will be available through a first release "drawing" of qualified applicants (first-time home buyers and those displaced from their homes), scheduled for October 30, 2006.
Blakeway Street Apartments
Location: Within the Parkside Condominium complex on Blakeway Street
Expected Rent Range: $1050 - $1200
Number of Units: 28
Size: same as Parkside Condominiums listed above.
Special Features: Exterior features will be identical to the Parkside Condominiums. Interior specifications will vary slightly.
Program features: This initiative is a special project of the Charleston Housing Authority. A Property Management firm will be hired to oversee the units.
Income Requirements: Units will be offered only to individuals or families making no less than 80 to 150% of the area’s median income (for example: if the median income is $30,000, applicants must make between $24,000 and $45,000 to qualify).
Anticipated Completion Date: February 2007
To apply: Contact the Daniel Island Real Estate office at 971-7100 or Noah Williams or Charley Dilliard at the Charleston Housing Authority at 579-3023.
Seven Farms Apartments
Location: Intersection of Daniel Island Drive and Seven Farms Drive, across the street from Holy Cross Episcopal Church.
Expected Rent and Unit Size:
1 bedroom/1 bath, 709 square feet
$461
2 bedrooms/2 baths, 942 square feet $554
3 bedrooms/2baths, 1130 square feet $632
Number of Units: 72
Special Features: Apartments will include a balcony or patio, washer and dryer hook-ups, microwave oven, garbage disposal, dishwasher, ceiling fans, and insulated windows with blinds. In addition, the complex will feature a computer center with internet access, playground, covered picnic area and a laundry facility.
Program Features: This community will be operated under a Low-Income Housing Tax Credit Program (LIHTC). The LIHTC is authorized and governed by section 42 of the Internal Revenue Code. All applicants must have a favorable rental/mortgage and credit history, as well as a favorable background check.
Income Requirements: Total monthly gross income must be at least equal to 2 ½ times the monthly rent of the apartment for the purpose of demonstrating the ability to pay rent, unless applicant has a voucher or certificate through the Housing Authority. Families can make up to 50% of the median income. The maximum incomes per family size are as follows:
Number in Family/Maximum Income
(50% AMI)
1 $19,750
2 $22,550
3 $25,400
4 $28,200
Anticipated Completion Date: November 2006.
To apply: Applications are available at the Daniel Island Real Estate office. You may also call InterMark Management, the firm managing the property, at (803) 790-2000.
Employees working on Daniel Island can also obtain more information on any of these affordable housing opportunities by contacting the following members of the Daniel Island Business Association: Steve Smith, 278-1600; Renee Reinert, 971-3514; or Doug Coupe, 278-5400.
