JOHN'S ISLAND, S.C. (WCBD) --Charleston County officials announced the creation of a fund to support the development and preservation of workforce and affordable housing in the countyOfficials say this local housing trust fund is a renewable and sustainable source to finance affordable housing proje cts. Charleston has seen an influx of people moving to the county over the last few years, resulting in less housing inventory and higher prices. "This is responding to the growth of a lot of pressures that are pushing up housing prices," said Robert l. Wehrman, who represents District 3, "We've got grassroots folks in the community. This is not creating a new builder or new nonprofit or anything it is facilitating the folks that are already doing that work in the community." The county has partnered with the SC Community Loan Fund to create the Local Housing Trust Fund for developers who want to create more affordable and workforce housing "The local housing trust fund is available to anyone who applies, who is willing to build affordable housing. That has a range, there's median income range its tied to but it we can be projects for low income to really workforce housing and that missing middle we need to address," said Jenny Costa Honeycutt, District 9. It also allows the county to work with partners to get funds into the community for critical projects to provide affordable housing. "Funding is usually a critical piece that's missing in creating affordable housing because it costs a lot to build and buy land, so having these funding partners available and these resources available to partner with our building community is essential," said Honeycutt. This has been a decade-long process that is finally coming to fruition. Officials say it will provide much-needed funds for years to come "The next step becomes funding this process creating additional stimulus so these revolving loans can continue in perpetuity," said County Chairman Kylon Middleton. The fund is a revolving fund so money will be continuously put in the fund to finance different projects. Leaders say applications for developers to receive funding will open in May. ...read more read less