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State Housing Makes Over $12.8 in HOME Awards - 10/26/2006

[Columbia, SC] The South Carolina State Housing Authority, through the HOME Investment Partnerships Program (HOME), has awarded over $12.8 million in federal grants and loans for 2006. Forty-four local governments, for-profits, nonprofits and Community Housing Development Organization (CHDOs) in South Carolina received HOME grants ranging from $17,500 to $600,000. (List of HOME awards attached)
Housing activities authorized by the HOME program include Owner Occupied Replacement, Rental Housing, Homeownership, Lease Purchase, down payment and closing costs program, CHDO Pre-Development Loans, and Tenant Based Rental Assistance (TBRA). These awards included $5,503,931 for Rental Housing, $1,568,500 for Homeownership, $5,591,507 for HOME/Tax Credit Rental, and $167,500 for CHDO Predevelopment Loans.
The HOME Program was created under the Cranston-Gonzalez National Affordable Housing act of 1990. HOME is a flexible block grant program designed to promote partnerships among the federal government (HUD), state and local governments, and the nonprofit and for-profit sectors who build, own, manage, finance, and support a variety of low income housing initiatives.
HOME funds are competitively awarded each year. The applications are reviewed, scored and ranked against published criteria. The 2007 funding cycles for the program will be announced at a later date.
HOME funds must benefit persons at 80 percent or below of their county median income. Units of local government, CHDOs, public housing authorities, non-profit and for-profit organizations, as well as individuals are eligible to apply for HOME funds.
Since the program’s inception in 1992, over $158 million in HOME funds has been dedicated to the state’s low income population.
The South Carolina State Housing Authority is a self-supporting agency of state government and operates at no cost to the taxpayers of the state of South Carolina.

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10/26/06