Trident United Way, Charleston Workforce Housing Fund Create Thrive@HomeTM Partnership to Provide Critical Services for Uplifting Families Out of Poverty

"We applaud CRDA, Ascent Housing and the Charleston Workforce Housing Fund for taking real action to preserve homes families can afford in the communities where they work, where their children go to school and where they have built their lives." Post this CWHF launched as a $50 million fund in September 2025 when the Charleston Regional Development Alliance partnered with Charlotte-based Ascent Housing to create a program modeled after Ascent's highly successful Housing Impact Fund, which to date has preserved nearly 2,000 apartments for low- to moderate-income Charlotte families. Ascent Housing, the fund manager and operating partner for CWHF, is employing many of the Charlotte program's innovative approaches in the Tri-County area, including an investment strategy that focuses on NOAH, or Naturally Occurring Affordable Housing. This helps ensure that, while other developers bring new affordable housing to the market, housing that is already affordable is not lost to demolition or displacement. CWHF will preserve and improve these existing properties, with long-term commitments that ensure affordability for households living below the Area Median Income level as defined by the U.S. Department of Housing and Urban Development.A large part of the success of the Charlotte model is due to a partnership with Charlotte-based Atrium Health to provide services to residents in Housing Impact Fund properties. Trident United Way and its Thrive@HomeTM program are uniquely aligned with the Charleston community to bring services and resources directly to CWHF residents."For hardworking families, lasting financial stability begins with affordable housing," said DJ Hampton, president and CEO of Trident United Way. "We applaud CRDA, Ascent Housing and the Charleston Workforce Housing Fund for taking real action to preserve homes families can afford in the communities where they work, where their children go to school and where they have built their lives. Through Thrive@HomeTM, Trident United Way is proud to bring Family Coaching directly into these communities, helping residents build savings, reduce debt, increase income and connect to the resources they need to stay stable and plan for what comes next."The partnership was unveiled at Waverly Place, a 276-unit apartment community near the intersection of Dorchester and Ashley Phosphate roads in North Charleston that last week became the second community to join the Charleston Workforce Housing Fund portfolio. At the event, representatives from diverse organizations including Trident United Way, Dorchester County, Medical University of South Carolina, The InterTech Group and the Charleston Regional Development Alliance, which created and manages CWHF, hailed the partnership as a game-changer in helping Trident United Way achieve its goal of uplifting 15,000 families out of poverty by 2035."Joining forces with Trident United Way marks a critical evolution in the Charleston Workforce Housing Fund's efforts to address the needs of working households who contribute so much to the businesses that help our community thrive," said CRDA President David Ginn. "Affordable housing is a fundamental need and it's vital to attracting and retaining business investment in our region. Through this partnership we're able to serve people holistically and help provide a path to opportunity and self-reliance."CWHF is set up as a 20-year fund with private investors – individuals and corporations – agreeing that at least 60% of proceeds above a benchmark rate of return will be reinvested back into local affordable housing efforts. Capital from the fund is combined with below-market mortgage financing from the likes of Freddie Mac and Fannie to create an estimated $150 million to be invested in four to six NOAH projects totaling as much as 1,000 apartments over the next two years.The Charleston area is facing an acute shortage of affordable housing, with rents for older apartment communities in the region increasing between 54% and 59% on average since 2010. In Charleston County alone, 46% of all residents are considered cost-burdened because they pay more than 30% of their monthly income on housing.All of the apartments at Waverly Place – and at West Wind Apartments in West Ashley, which CWHF purchased in December of 2025 – are now set aside for households earning less than the Charleston area's AMI, which ranges from $73,600 for a one-person household to $105,100 for a family of four. Ninety percent of the units are reserved for households earning below 80% AMI, and at least 40% and 20% are held for those earning below 60% and 30% of AMI, respectively. Asking rents at Waverly Place have already dropped $175 to $455 per month following the recent acquisition."The Charleston Workforce Housing Fund embodies all of the key tenets of Housing Impact Fund, an initiative we started in 2020 with business leaders turned philanthropists Erskine Bowles and Nelson Schwab that is now housing over 5,000 people in Charlotte and on track to double its footprint over the next three years," said Mark Ethridge, managing principal of Ascent Housing. "It's a testament to that program's success that we have over a half dozen investors supporting both funds, including Truist Bank, The Leon Levine Foundation and Huntington Bank."Other key contributors to CWHF include Advanced Technology International, Boeing, First Bank, First Citizens Bank, First National Bank, The InterTech Group, MUSC, Novant Health, Pinnacle Financial Partners, REV Federal Credit Union, SouthState Bank and United Bank.About Trident United WayFor more than 80 years, Trident United Way has been a trusted partner in building a stronger future for Berkeley, Charleston and Dorchester counties. With a bold goal to uplift 15,000 families out of poverty by 2035, we lead collaborative solutions that increase income, reduce debt and open pathways to opportunity for local families, creating lasting impact for generations to come. Our focus centers on ALICE® (Asset Limited, Income Constrained, Employed) households – families who make more than the Federal Poverty Level but don't earn enough to cover the rising costs of living. As ALICE households continue to grow, we're working on bold, community-rooted solutions to support families in getting ahead when it is harder today than ever before.About Charleston Workforce Housing FundThe Charleston Workforce Housing Fund seeks to secure and preserve affordable workforce housing across the Charleston Tri-County region. Launched through the Charleston Regional Development Alliance, the $50 million equity fund will acquire, renovate and place long-term protections on 1,000 multifamily apartment units currently at risk of market-driven rent increases and resident displacement. The fund is managed by Charlotte-based Ascent Housing, a leader in the preservation of naturally occurring affordable housing (NOAH).Media ContactBarry Finkelstein, Charleston Workforce Housing Fun, 1 7045342327, [email protected]SOURCE Charleston Workforce Housing Fun Source link