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State Housing Authority Announces $111 Million (AAA) Bond Issue to Benefit Potential Homebuyers - 6/27/2006

[Columbia, SC] The South Carolina State Housing Finance and Development Authority is constantly seeking ways to make homeownership possible for the citizens of our state who thought they would never be able to own their own home. Today, the State Housing Authority’s Board of Commissioners announced the completion of a 2006 Bond Issue that will help qualify many families for fixed rate mortgage loans.
A major municipal bond rating agency, Moody’s Investors Service, has rated this issue as AAA, the highest rating allowed by the organization.  This rating makes the bonds more attractive to investors and can lower the bond yield making it possible for the Authority to put homeownership within reach for more low and moderate income South Carolina citizens. State Housing officials expect this mortgage money to help nearly 1,200 homebuyers purchase their first home and experience the American Dream of homeownership. 
 “State Housing recognizes that homeownership strengthens families, builds communities, and provides many economic advantages,” said Charles I. Small, Chairman of the Board of Commissioners for the State Housing Authority.   “This $111 million bond issue is an example of the Authority’s fiduciary responsibility which strives to meet the housing needs of the citizens of our state.”
State Housing Authority started its homeownership programs in 1979, selling the first single family bonds to investors, bringing the state the funds needed to help first-time and special needs homebuyers of modest means to own their own home and contribute to their community. To date, the Authority has invested approximately $1.8 billion in the people of our state, helping approximately 34,500 households join the rank of homeownership.  This figure alone may not seem impressive, but it exceeds the population of 17 out of 46 counties in South Carolina.
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.