South Carolina

Officials at the US Department of Treasury yesterday approved the proposal of the South Carolina State Housing Finance and Development Authority (SC State Housing) for administration and distribution of $138 million to help the state’s “hardest hit” homeowners. South Carolina joins the ranks of nine other economically distressed states trying to help homeowners facing the possibility of foreclosure due to circumstances beyond their control.

The South Carolina Housing Trust Fund, administered by the South Carolina State Housing Finance and Development Authority (SC State Housing), provides financial assistance to eligible nonprofit organizations for the development of affordable housing for low to very low-income families or individuals. The SC State Housing Board of Commissioners recently approved more than $1 million in Housing Trust Fund awards.

The South Carolina State Housing Finance and Development Authority (SC State Housing) expects to sell $100 million in mortgage revenue bonds this month under the US Treasury Department’s New Issue Bond Program (NIBP). Pricing and sale will take place June 7-8, 2010. The issue includes $60 million in tax exempt bonds SC State Housing will convert from short-term taxable debt bought by the Treasury last December and $40 million tax exempt bonds the agency is required to issue to match the federal purchase.