14-05-2025
Myrtle Beach set to help finance 54-unit workforce housing complex
MYRTLE BEACH, S.C. (WBTW) — Myrtle Beach leaders on Tuesday supported a multi-step financing plan that would help cover costs of an $18 million workforce housing project.
'Municipal backing is extremely important and boosts the project's competitiveness in a highly selected funding process,' community engagement office director Kelvin Waites said.
Under terms of the agreement, Greenville-based Schaumber Development would get a 2% voucher for each of its 54 units, or $360,000. If the project then wins state approval, the city would take out a 20-year, $180,000 loan to meet SC Housing guidelines.
Conway mayor apologizes to developer after workforce housing plan dies, vows to keep topic a priority
The firm — which also operates Swansgate II on Dunbar Street — wants to put two buildings on Oak Street. Rents would sit between $370 and $1,100 a month based on annual incomes of $18,000 for a single person to $52,000 for a family of four.
'We continue to have workforce housing conversations and discussions and strategy sessions about how we move the needle in the city on how to create more product,' Brian Tucker, the city's assistant city manager, said last month.
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Adam Benson joined the News13 digital team in January 2024. He is a veteran South Carolina reporter with previous stops at the Greenwood Index-Journal, Post & Courier and The Sun News in Myrtle Beach. Adam is a Boston native and University of Utah graduate. Follow Adam on X, formerly Twitter, at @AdamNewshound12. See more of his work here.
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