The Housing Development Corporation of Rock Hill has been awarded $8.18 million to construct 28 affordable rental housing units in the Village at Osceola, a new subdivision of the Catawba Terrace neighborhood. This is the largest single award ever received by HDCRH or any affordable housing project in Rock Hill's history. What a great way to start 2021!
The funding will be used to construct five single family homes, nine stacked-flat duplexes (18 units), and five townhomes. Units will be available those at or below 30% AMI to 80% AMI. HDCRH will contribute $219,906 to the project, and will receive $5,583,627 in forgivable loans. The remaining $2,384,200 will be repaid from the rental proceeds.
Check out the sample drawings below to see what these units might look like. All units are 3 bedroom and 2-2.5 bathroom.
The project will take several years to complete, but we are excited to get started! At present, we are preparing to start on-site improvements; and will give updates as things develop.
The Small Rental Development Program (SRDP) is administered by the South Carolina State Housing Finance and Development Authority, and provides funding to eligible entities for construction of new housing units and for housing rehabilitation projects.