South Carolina Code 31-13-410. Definitions
(1) "Affordable housing" means residential housing that, so long as the same is occupied by lower or very low income households, requires payment of monthly housing costs of no more than thirty percent of one-twelfth adjusted annual income.
Terms Used In South Carolina Code 31-13-410
- Annual income: means the anticipated total income from all sources received by the family head and spouse and by each additional member of the household, including all net income derived from assets. See South Carolina Code 31-13-410
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Authority: means the South Carolina State Housing Finance and Development Authority. See South Carolina Code 31-13-410
- Board: means the Board of Commissioners of the South Carolina State Housing Finance and Development Authority. See South Carolina Code 31-13-410
- Executive director: means the executive director of the authority. See South Carolina Code 31-13-410
- fund: means the South Carolina Housing Trust Fund. See South Carolina Code 31-13-410
- Residential housing: means a specific work or improvement within the State which provides dwelling accommodations for persons and families of low income and persons and families of moderate to low income and such other recreational, community, educational and commercial facilities as may be incidental or appurtenant thereto as shall be approved by the Authority as necessary or desirable for the particular undertaking. See South Carolina Code 31-13-170
- State: means the State of South Carolina. See South Carolina Code 31-13-170
(2) "Annual income" means the anticipated total income from all sources received by the family head and spouse and by each additional member of the household, including all net income derived from assets.
(3) "Authority" means the South Carolina State Housing Finance and Development Authority.
(4) "Board" means the Board of Commissioners of the South Carolina State Housing Finance and Development Authority.
(5) "Executive director" means the executive director of the authority.
(6) "Lower income household" means a single person, family, or unrelated persons living together whose annual income adjusted for household size is more than fifty percent, but less than eighty percent, of the median income of the area of residence as determined by the United States Department of Housing and Urban Development.
(7) "Substandard unit" means a housing unit which, by reason of dilapidation, deterioration, age, or obsolescence, inadequate provision for ventilation, light, air, sanitation, or open spaces, high density of population and overcrowding, unsanitary or unsafe conditions, or the existence of conditions which endanger life or property by fire and other causes, or any combination of these factors, is conducive to ill health, transmission of disease, or has an adverse effect upon the public health, safety, morals, or welfare of its inhabitants.
(8) "Trust fund" or "fund" means the South Carolina Housing Trust Fund.
(9) "Very low income household" means a household that has an annual income adjusted for household size of less than fifty percent of the median income of the area of residence as determined by the United States Department of Housing and Urban Development.