Press Releases
State Housing Authority Recognizes Homeownership Month - 6/5/2006
In recognition of June as Homeownership Month, the South Carolina State Housing Finance & Development Authority continues to work hard toward identifying and providing affordable homeownership opportunities for the citizens of our state. Since the inception of the Homeownership program in 1979, State Housing has invested over $1.8 billion dollars to help many South Carolinians realize the benefits of owning their own home.
Since January of this year, State Housing made over $55.7 million dollars in homeownership loans for a total of 553 loans. The average price of homes financed during this period is $100,803.22, and the average income for these homeowners is $35,423.67. “State Housing recognizes that homeownership strengthens families, builds communities, and promotes personal wealth and well being,” said Charles I. Small, Chairman of the Board of Commissioners for State Housing. “We are constantly seeking ways to make homeownership possible for the citizens of our state who thought they would never be able to experience the American Dream – a single family home.”
Accumulating enough money for down payment and closing costs is a common barrier for potential homebuyers. In the early 1990’s, State Housing began offering Down Payment Assistance loans in an effort to reduce this stumbling block. Today, the Authority continues to offer several Down Payment Assistance programs to accompany their homeownership loans. Since January, State Housing has provided over $1.2 million in down payment assistance for over 600 loans averaging $2,070 per loan.
Earlier this year, the Authority introduced a special Work Force Initiative program targeting workers in the state who provide a service that is vital to our community. This program, offered for a limited time, offers a below market fixed interest rate with down payment assistance. “Since the inception of this program in March, the Agency has reserved over $20 million in home loans,” said Charles I. Small, chairman of the Board of Commissioners for the Authority. “This is just one more way State Housing has opened the door of homeownership for many South Carolinians who may have thought buying their own home would never be a reality.”
To further reflect our commitment to expand homeownership opportunities, the Board of Commissioners for State Housing approved the establishment of the Recapture Reimbursement Account. This tax has always been a concern with many of our lending partners and homebuyers. This account will be used to reimburse Authority mortgagors who find themselves subject to this tax. The establishment of this account will help remove one more obstacle in becoming a For more information on the homeownership program, call the South Carolina State Housing Finance and Development Authority at (803) 896-9508 or visit our website at www.schousing.com. State Housing is a self-sufficient agency of state government operating at no expense to the taxpayers of the state.
Equal Housing Opportunity