South Carolina Code 31-13-470. Funding cycles; applications eligible for priority
(B) In allocating monies within the fund, priority must be given to applications which provide for one or more of the following:
Terms Used In South Carolina Code 31-13-470
- 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. 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
- fund: means the South Carolina Housing Trust Fund. See South Carolina Code 31-13-410
(1) affordable housing proposals which serve very low income households;
(2) local government contributions to project costs, including infrastructure improvements, contributions of publicly-owned land for housing development, and the provision of funds for resident services;
(3) proposals which utilize financial assistance available through federal funding or other programs to leverage monies available from the fund;
(4) applicant contributions to project costs;
(5) proposals submitted by nonprofit sponsors for the provision of affordable housing;
(6) coordination with other housing and infrastructure investments in the community;
(7) provision of housing to persons whose current housing fails to meet basic standards of health and safety and who have little prospect of improving the condition of their housing.