Charleston Workforce Housing Fund
A $50 million fund expanding workforce housing across the Charleston tri-county region.
Supporting Talent and Preserving Affordability
The Charleston Workforce Housing Fund gives business leaders a practical way to support the region’s talent pipeline by expanding access to attainable housing. Launched by CRDA at the request of its Economic Leadership Council, the fund deploys $50 million in committed capital to acquire, rehabilitate, and preserve 1,000 affordable multifamily apartments across the region.
While no single solution can solve Charleston’s [or any community’s] housing challenges, this fund represents a scalable, market-based solution that allows employers to invest in the stability of the workforce they rely on, while targeting a 6–8% annual return. Inspired by Charlotte’s Housing Impact Fund and tailored to Charleston’s needs, the fund is managed by Charlotte-based Ascent Housing, a leader in preserving naturally occurring affordable housing (NOAH). Properties acquired through the fund are preserved as workforce housing for a minimum of 20 years, ensuring long-term affordability. Its first acquisition in West Ashley in late 2025, a 212-unit community, will receive a $1 million renovation investment, with working families paying approximately $275–$475 less per month than comparable nearby apartments.
The First Investment
Initiated in late 2025, the Charleston Workforce Housing Fund completed its first property acquisition in West Ashley, marking an early milestone in its long-term affordability strategy. By preserving workforce housing, the fund is helping keep rent payments within reach for the working families who power the region’s economy.
Mark Ethridge, Managing Principal and Co-Founder at Ascent Housing
“We’ve seen this model work in Charlotte, where more than 2,300 affordable apartments were preserved without displacing residents. Bringing this approach to Charleston means we can protect existing housing, move quickly, and deliver long-term affordability for the region’s workforce.”
William Russle, Board Chair, Charleston Regional Development Alliance
“The Charleston Workforce Housing Fund represents a $50 million commitment to the people who power our economy. What makes this effort so powerful is that it reflects our business community coming together — investors, employers, and partners — to deliver innovative solutions that will preserve up to 1,000 affordable homes. Together, we are ensuring that Charleston remains a place where families can live, work, and thrive.”
Tom Lawrence, President and CEO of The Leon Levine Foundation
“Preserving affordable housing is essential to empowering underserved Carolinians to self-sufficiency, which is core to the mission of The Leon Levine Foundation. Secure, affordable homes are more than just shelter, they are the foundation for economic mobility. This investment in the Charleston Workforce Housing Fund and its thoughtful, community-centered approach reflects our commitment to sustainable impact in the Carolinas.”
Dr. David Cole, M.D., President of The Medical University of South Carolina
“Stable, affordable homes are the foundation for healthy families and thriving communities. We all need to lean in together to address our workforce housing challenge. This fund is an innovative step forward, ensuring that the nurses, teachers, and essential workers who serve our region can also afford to live here.”
A Proven Model
The Charleston Workforce Housing Fund is modeled after the successful Housing Impact Fund in Charlotte, NC, which has preserved more than 2,300 affordable apartment homes while protecting residents from displacement.
Charleston is only the second region in the nation to adopt this approach, delivering housing stability faster, more efficiently, and at a lower cost than traditional new construction.
Stability for the Workforce of Tomorrow
A competitive region requires attainable housing options that support working families and the employers who rely on them. The Charleston region is advancing a proven preservation strategy that lowers monthly rent costs while providing employers a practical investment tool to strengthen talent recruitment and retention.
