Press Releases
State Housing Authority Awards More Funds for Viola Street Community - 8/24/1998
The Board of Commissioners of the State Housing Authority approved a request for $800,000 from its Community Homeownership Opportunity Partnership (CHOP) Program to provide permanent financing for homes in the Viola Street neighborhood of Greenville. The award was made to the Greenville Urban League's Community Housing Corporation, whose objective is to eliminate slums, identify affordable housing needs, and create economic development opportunities in low and moderate-income neighborhoods.
The Authority's CHOP Program assists local communities with providing homeownership opportunities to lower income residents by entering into a "partnership" with a city, county, or a municipal nonprofit organization. CHOP provides funds for below market interest rate mortgage financing in return for the municipality's contribution to the program. Municipal contributions may be in the form of land donations, infrastructure financing, and even support services such as homebuyer classes and credit counseling.
The State Housing Authority is able to make awards through its CHOP Program by using recycled funds earnings derived from loan prepayments and mortgage interest. It's the way the agency likes to use its money, said Gene Spivey, chairman of the Authority's Board of Commissioners. "We have a responsibility to the economic well-being of this state," he said.
"What better way to show our commitment to the state than by reinvesting our earnings into something that stimulates the economy?" he continued. "By recycling our own profits right back into affordable housing opportunities for South Carolinians, we're making a substantial contribution." Spivey also said that the CHOP Program is a good example of how a state agency is working to help local governments. "All we need are good, workable proposals from motivated communities to make the CHOP Program work."
The State Housing Authority has a vested interest in the Viola Street community. Earlier CHOP funds have been awarded (totaling $1.3 million), as well as nearly $1 million total in three HOME awards, a U.S. Department of Housing and Urban Development program which the Authority administers. HOME funds helped recreate the Viola Street neighborhood from the ground up. The project has included the replacement of dilapidated housing, widening of the streets, and other infrastructure improvements. Now prospective homebuyers will benefit. Four and six percent interest mortgage loans will be originated by several Greenville-area banks under CHOP financing for the Viola Street. Eligible homebuyers must meet strict income requirements and home purchase prices will not exceed $76,000, consistent with all State Housing mortgage programs.
For information on the Viola Street subdivision, call the Greenville Urban League's Community Housing Corporation, (864)244-3862. For more information on CHOP or other State Housing Authority mortgage loan programs, call (803)734-2069. Persons with speech or hearing impairments may use the Authority's TTY line, (803)734-2369.
The South Carolina State Housing Finance and Development Authority is a financially self-sufficient agency of state government.
Equal Housing Opportunity