Funds for rental applications will be available during the SRDP funding cycle on May 29-31, 2019. SC Housing has committed the following funding sources for this cycle:
No less than $1,100,000 of the $4,000,000 in HOME funds will be set aside for SC Housing designated Community Housing Development Organizations (CHDOs). Funding sources other than those committed by SC Housing will be needed only if market-rate units are part of the development.
Final determinations of whether an applicant will receive repayable loans, forgivable loans, or a combination of both will be determined during the underwriting analysis. Repayable loans will have an interest rate ranging from zero to three percent (0% - 3%), and loan terms will typically be dependent on the funding programs affordability period. SC Housing reserves the right to reduce or increase funding sources during the underwriting process.
The SRDP Application submission deadline is Friday, May 31, 2019 at 5:00 p.m.