The rent payments, plus the subsidies, will be used to pay for the construction and maintenance of the building if the project gets off the ground, Molgaard said during a previous interview.
However, housing isn't the only part of the proposed project. The participants, who will be young professionals, will also participate in a philanthropic project in the community, Molgaard said.
He is working to form a steering committee made up of young professionals to determine what type of project the participants should undertake, he said.
The ideas should deal with ways to improve the community as a whole, Molgaard said.
"The committee will come up with some ideas and then we'll develop the projects around those ideas," he said.
He has also been meeting with companies that may be interested in sponsoring a resident and providing a subsidy to the project, Molgaard said.
City leaders are also hoping to spruce up at least one of Charleston's entrances, Salisbury said.
The city has $45,000 worth of grants that will be used to build a Welcome to Charleston sign. However, the sign won't be a run-of-the-mill green plate with white lettering.
Instead it will be considered a piece of "public art," Salisbury said.
"This is a piece of public art that really expresses what the community is all about," she said.
Salisbury is working with Department of Transportation to secure a spot for the sign. She hopes to have it placed somewhere along Greenbrier Street in the near future.