South Carolina Code of Regulations Chapter 64 - SOUTH CAROLINA STATE HOUSING FINANCE AND DEVELOPMENT AUTHORITY
South Carolina Code of Regulations (SCCR) Chapter 64 – South Carolina State Housing Finance and Development Authority
This chapter outlines the regulations governing the South Carolina State Housing Finance and Development Authority (SCSHFDA), which is responsible for supporting affordable housing development and addressing the state's housing needs, especially for low- to moderate-income individuals and families.
Purpose of Chapter 64
Chapter 64 sets forth the regulatory framework for the SCSHFDA and includes provisions related to the authority’s powers, duties, and responsibilities. The main focus of the chapter is to:
Facilitate the construction, renovation, and preservation of affordable housing.
Provide financing for housing development projects through various state and federal programs.
Support the creation of sustainable and quality living conditions for South Carolinians, especially underserved populations.
Key Provisions of Chapter 64
1. Establishment and Structure of the Authority
The SCSHFDA is established to support and manage affordable housing programs within South Carolina.
The Authority is a governmental entity but operates similarly to a corporation in many respects.
The governing body of the Authority includes a Board of Commissioners, which oversees the operations and strategic decisions of the agency.
2. Powers and Functions
The SCSHFDA has several key responsibilities, including:
Financing Housing Projects: It provides funding to developers for affordable housing projects, including grants, loans, and tax credits.
Administration of State and Federal Housing Programs: The Authority administers a variety of state programs (e.g., the Low-Income Housing Tax Credit Program) and federal programs (e.g., Section 8 Housing Choice Voucher Program).
Homeownership Programs: The Authority offers down payment assistance and other programs to promote homeownership for low- and moderate-income individuals.
Multi-Family Housing Development: The Authority encourages the development of affordable multi-family housing units through tax-exempt bonds, tax credits, and direct funding.
Public Housing: While not directly responsible for managing public housing units, the Authority plays a key role in assisting local housing authorities.
3. Funding Sources and Allocation
Revenue Bonds: The Authority has the power to issue bonds to raise capital for housing projects. These bonds are paid back through the repayment of loans provided for housing development.
State and Federal Funding: The Authority administers funds received from the federal government, such as the Community Development Block Grant (CDBG) and HOME Investment Partnerships Program.
Tax Credit Programs: Chapter 64 governs the allocation and management of the Low-Income Housing Tax Credit (LIHTC) program, which incentivizes the private sector to invest in affordable housing projects.
4. Application Process for Housing Development
Developers or organizations interested in receiving funding or support from the Authority must submit an application.
Applications are evaluated based on factors such as project feasibility, community need, affordability, and sustainability.
The Authority may establish specific criteria for the types of projects eligible for funding, including geographic distribution and the intended impact on local housing markets.
5. Monitoring and Compliance
The Authority is tasked with ensuring that financed housing projects meet the required standards for affordability and quality.
Developers must comply with specific regulatory standards throughout the life of the project, including adherence to income restrictions and rent caps.
The Authority also conducts periodic inspections and audits to ensure compliance with these requirements.
6. Advisory Role
The Authority may offer advisory services to local governments, nonprofit organizations, and private developers to promote affordable housing initiatives.
It also assists in identifying areas where housing development is most needed, based on demographic trends and housing market analysis.
7. Housing Rehabilitation Programs
The Authority provides funding for the rehabilitation and renovation of existing housing, especially in communities that have experienced economic decline.
Programs may offer financial assistance for repairs and improvements to make homes safer and more energy-efficient.
Significance of Chapter 64
Chapter 64 plays a crucial role in addressing South Carolina’s housing needs by:
Increasing the availability of affordable housing units across the state.
Supporting economic development through investments in housing and infrastructure.
Ensuring that housing development projects remain affordable and meet the state’s broader social goals, including community integration and sustainability.
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