24 Sep Avantisteam Announces SC Housing Funds Construction for 40 New Housing Units, Inc…
The South Carolina State Housing Finance and Development Authority (SC Housing) has approved nearly $7.3 million in grants and loans for the construction of 40 new units of affordable housing in York, Greenville and Charleston counties. The funding for these homes comes from a combination of sources including HOME Investment Partnerships Program (HOME), the SC Housing Trust Fund and the National Housing Trust Fund.
As part of SC Housing’s new Small Rental Development Program (SRDP), these will be a mixture of multifamily and single-family units. The SRDP offers state and federal funding for new construction projects that contain at least eight affordable housing units but not more than 32 total units. The program seeks to integrate small numbers of affordable housing units into neighborhoods and communities.
The HOME program was designed to expand the supply of decent, safe, sanitary, and affordable housing for low and very low income beneficiaries. HOME promotes partnerships between the federal, state, and local governments and those in the nonprofit and for-profit sectors who support affordable housing.
A program of HUD, its primary focus is rental housing for low and very low income families; although, homeownership initiatives are also eligible activities. SC Housing is responsible for the implementation, administration and evolution of the HOME program in accordance with federal regulations for the state of South Carolina.