SC Housing's record-breaking homebuyer programs show continued need for assistance
In 2023, SC Housing's single-family mortgage programs set an agency record for the amount of funds committed to first mortgage and down payment assistance, and new homeowners assisted, underscoring the urgent need for home-buying assistance in South Carolina.
These programs have become increasingly popular, and in their popularity, they highlight the need for additional support to assist more aspiring homeowners.
The surge in demand is evident through the remarkable achievements of SC Housing's initiatives. Year after year, the homebuyer programs have surpassed their own records in disbursing funds for first-time mortgages, down payment assistance, total investment, average loan amounts, and the number of new homeowners assisted.
These milestones aren't merely data; they represent the aspirations of countless individuals and families striving for homeownership amidst challenging circumstances.
The 2024 Palmetto Heroes Program serves as a poignant example of this growing need.
Palmetto Heroes, SC Housing’s annual homebuyer initiative targeting teachers, nurses, law enforcement officers, correctional officers, fire fighters, emergency medical technicians, paramedics, veterans, active duty military, and National Guard members with $12,000 in down payment assistance and competitive interest rates, launched on April 15.
By May 3, the program had committed over $30 million of the $40 million allocated for the program. Typically, that funding lasts for approximately two months. This year, it’s so popular, it may not last an entire 30 days.
What’s driving this? Why are these programs so popular? There’s certainly a demand that’s being met, but it drives far deeper than simple consumer logic.
SC Housing’s programs offer an answer to one of the state’s most pressing issues: the near impossibility of homeownership for middle-class South Carolinians through down payment assistance and more affordable competitive interest rates.
According to the 2023 Palmetto State Housing Study, issued by SC Housing and the University of South Carolina Darla Moore School of Business, the number of homes sold in South Carolina for less than $100,000 has decreased by 14.8 percent each year since 2014.
In this landscape, SC Housing's down payment assistance programs emerge as lifelines, providing a tangible pathway to homeownership amidst daunting financial realities.
The housing crisis isn't just a statistic; it's a reality that SC Housing confronts head-on. Through our multifaceted approach encompassing single-family, multi-family, and small rental development, we're addressing the diverse housing needs of South Carolina's residents.
The April – May 2024 Front Porch newsletter showcases the tireless efforts of SC Housing and the invaluable impact of their programs, underscoring the need for continued support and investment in affordable housing initiatives.
Want more information about SC Housing's homebuyer programs? Click below!
SC Housing Board of Commissioners names Hutto as executive director
The Board of Commissioners of the SC State Housing Finance and Development Authority (SC Housing) announced Tuesday, March 19, the official appointment of Richard Hutto as the Executive Director, effective immediately.
Hutto had been serving as the agency’s interim executive director since June 19, 2023, providing the organization with the strong leadership vision necessary to advance affordable housing development in the state.
With more than 38 years of dedicated service in finance and affordable housing, including key decision-making roles at the South Carolina Office of the State Treasurer and SC Housing, Hutto is well-equipped to lead the agency into the future.
“The Board is proud of the great strides made by the agency under Director Hutto’s leadership,” says SC Housing Board of Commissioners Chairman Todd Latiff. “We look forward to the continued good work that is being done.”
Latiff expressed optimism about the future outlook for the agency under Director Hutto's leadership.
Hutto holds a Bachelor of Science in Business Administration from the University of South Carolina and is a Certified Public Accountant and Certified Public Manager.
SC Housing chairman Latiff speaks at Home Builders' 2024 housing attainability conference
SC Housing Board of Commissioners Chair, Todd Latiff, recently emphasized the critical importance of addressing housing attainability and the availability of housing stock at the 2024 South Carolina Home Attainability Conference, hosted by the Home Builders Association of South Carolina.
During his address, Latiff offered valuable insights into the ongoing and future initiatives undertaken by SC Housing to mitigate the challenges surrounding housing availability.
Click the link above to view Latiff's entire speech.
In late March, SC Housing introduced the more expansiveSCHousingSearch.com, a user-friendly rental search platform crafted to simplify the quest for rental properties throughout South Carolina.
This free website hosts a vast database of rental units, serving as a valuable tool for landlords and tenants alike. SCHousingSearch.com enables property owners and management companies to effortlessly list their rentals, establishing a central hub for tenants on the lookout for their next residence.
Equipped with various search filters such as home size, price, bedrooms, bathrooms, and more, users can tailor their search to discover the ideal rental property to meet their requirements.
Prospective tenants can kickstart their search journey at SCHousingSearch.com, while landlords interested in listing their properties can visit SCHousingSearch.com for registration.
The independent listing capability empowers landlords, enriching the platform with a comprehensive catalog of available properties, complementing SC Housing's funded and monitored public developments and providing tenants with ample housing options.
New developments opening, under construction South Carolina's affordable housing stock adds to its roster in April and May
Across the state, new affordable housing developments are opening or under construction.
Parkway East Apartment in Greenville, Chicora Apartments in North Charleston and the James Lewis, Jr. Apartments all are nearing the final stages of construction or are currently opened.
These three developments are just a small portion of the 60 new and 13 rehabilitated affordable housing developments, representing 6,810 new and 905 rehabilitated units that are expected to begin construction in 2024.