Chairman Tim Scott and Secretary of Housing and Urban Development Scott Turner visited One80 Place in Charleston, South Carolina. During their visit, they assessed the ongoing construction of a 6-story, $44 million housing and shelter project in the city. This project, positioned within an Opportunity Zone, will introduce 70 affordable housing units and a 65-bed family shelter aiming to set a precedent for similar initiatives nationwide.
Chairman Scott expressed gratitude for Secretary Turner’s visit, stating, “To have the Secretary of HUD to stop by Charleston, South Carolina, invest his valuable time in seeing the progress that we are making as a community, it is a blessing…and it is also a blessing to have One80 Place working so hard on behalf of a critical issue.” He emphasized the importance of housing and affordability, highlighting the role of private and public sectors in addressing these needs within the regulatory environment. He referred specifically to “the ROAD to Housing Act” as a measure poised to alleviate pressures in the system.
The background context for this initiative is rooted in the Opportunity Zones initiative, which has propelled $84.7 billion into underserved communities. This strategy, facilitated significantly by Secretary Turner during his tenure as leader of the White House Opportunity and Revitalization Council, seeks to broaden and extend economic development through targeted investments.
The benefits of Opportunity Zones in addressing housing shortages are underscored by a reported increase in commercial and residential development, a surge in investment likelihood, and a substantial rise in multifamily housing projects. Current statistics show that Opportunity Zones now house 10 percent of the U.S. population and are responsible for 20 percent of all new market-rate multifamily apartment developments, contributing significantly to national housing growth.
Secretary Turner’s Senate Banking Committee confirmation included a pledge to personally visit areas impacted by housing challenges, a commitment he fulfills through this visitation to Charleston.
