city-of-charleston-community-development-committee-agenda_b2b.pdf
CRC Seeks Refinance of $3.5M LISC Housing Loan
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Description
The Community Resource Center continues to carry a $3.5 million acquisition loan from LISC for the North Central Apartments, originally used to purchase the property in 2021. CRC is seeking to refinance this debt before its final maturity in November 2025 due to operating shortfalls and delayed LIHTC financing.
Contract Details
Contract Amount
$3.5M
Vendor
LISC
Agency
City of Charleston city, SC
Contract Type
FINANCIAL_SERVICES
Document Date
August 21, 2025
Contract Term
Through November 2025 (cannot be extended beyond this date)
Renewal Date
2025-11-30
Renewal Info
Loan term was extended once after SC State Housing paused LIHTC allocations; LISC has indicated the loan cannot be extended beyond November 2025, prompting CRC to pursue refinancing.
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