CHARLESTON — A new approach toward keeping local rents down has emerged with a for-profit investment fund looking to buy existing apartment buildings in the Charleston area to help either lower rents or hold them from rising as quickly as they might otherwise.

Calling housing costs “one of our region’s most pressing challenges,” the Charleston Regional Development Alliance has spurred the creation of what’s expected to be a $50 million workforce housing fund.

Based on similar efforts in Charlotte, the alliance says the effort announced Sept. 23 helps with its mission of attracting businesses to the area and helping existing businesses expand. A lack of affordable housing has become an increasing problem for both residents and employers in need of workers.

The Charleston Workforce Hous

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