Charleston Redevelopment Corporation

What it reported doing in 2024

The CRC is a non-profit organization focused on the development and preservation of affordable housing in the Charleston area and helps secure local, state and national funding for long-term housing affordability. The CRC is organized to leverage funding to facilitate, develop, and advocate for neighborhood revitalization, housing construction, preservation and economic development throughout Charleston County. Working in concert with Development Partners and Local Units of Government.(Continued on Schedule O)The CRC operates three (3) Loan Programs, an affordable housing loan program for developers, Common Cause Rehabilitation Loan Program, and provides Consumer Down Payment Assistance Loans designed to remove financial barriers that hinder the development of affordable housing.The CRC operates the Palmetto Community Land Trust, which provides long term affordability to approximately Two Hundred (200) housing units being planned, constructed, or preserved. The Land Trust places land in long-term trust protection to ensure affordability and accessibility for future generations. The Palmetto Community Land Trust (PCLT) is a program of the Charleston Redevelopment Corporation (CRC), a private 501c3 nonprofit corporation governed by an all-volunteer board of directors.- The CRC's approach to affordable homeownership is a community focused effort. Our dedication to the community is highlighted by our board, which maintains 1/3 representation by low to moderate income persons or residents of low-income neighborhoods.- Community control of land is maintained where the Trust retains ownership of the land and conveys ownership of the improvements to an individual via a 99-year long-term renewable ground lease that can be inherited by future generations.- Single family detached and multi-family housing is removed from the speculative market to restrict price appreciation and to maintain long-term affordability, both in ownership and rental housing.- Preserves public and private subsidies by managing price appreciation, retaining community value, and recycling the subsidy, land, and affordable units for future generations. The resale price of PCLT properties is capped by a formula to ensure affordability remains with the property owner.- Allows local control of the community's housing future to build a long-term relationship with homeowners.- Large scale development is possible through joint venture development and public-private partnerships.

Financial Efficiency

• Mission deployment rate: 47.4%; rating input score 47
• Program expense ratio: 95.8%; rating input score 96
• Fundraising efficiency: $82.15 raised per $1 spent on fundraising; rating input score 84; 84th percentile among comparable filings

Transparency & Controls

• Consistency checks: 100%; rating input score 100; 63rd percentile among comparable filings
• Pay-setting controls: Limited
• Foreign activity oversight: Limited
• Grant itemization coverage: 100%; rating input score 100; 72nd percentile among comparable filings
• Major donor itemization: Yes; rating input score 100
• Related-party transparency: Limited

Accountability

• Independent voting board: 100%; rating input score 100; 63rd percentile among comparable filings
• Governance controls: 8 of 8 controls in place; rating input score 100
  • Conflict-of-interest policy: Pass
  • Whistleblower policy: Pass
  • Document-retention policy: Pass
  • CEO compensation review process: Pass
  • Other executive compensation review process: NotApplicable
  • Form 990 shared with the board: Pass
  • Board meeting minutes documented: Pass
  • Audit committee oversight: Pass
  • Independent financial-statement audit: Pass

Sustainability

• Operating margin: 51.9%; rating input score 93; 93rd percentile among comparable filings
• Total-asset coverage ratio: 14.67; rating input score 94; 94th percentile among comparable filings
• Liabilities to assets ratio: 0.32; rating input score 32; 32nd percentile among comparable filings
• Officer compensation ratio: 7.5%; rating input score 39; 39th percentile among comparable filings

Growth

• Program expense growth: -1.3% per year; rating input score 0; 10th percentile among comparable filings
• Revenue growth: -5% per year; rating input score 0; 3rd percentile among comparable filings
• Asset growth: 26.8% per year; rating input score 100; 91st percentile among comparable filings