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SC Housing outlines homeownership, rental and tax-credit activity; requests budget increases
Summary
The South Carolina State Housing Authority presented its 2024 activity and budget drivers, citing $394 million in single‑family loans purchased in 2024, expansion of down‑payment assistance and requests tied to rental subsidy increases and low‑income housing tax credit administration.
Richard Hutto, executive director of the South Carolina State Housing Authority, told the Economic Development Subcommittee on Oct. 12 that the agency purchased $394,000,000 in single‑family loans in 2024 and issued more than $300,000,000 in tax‑exempt bonds to support its flagship homeownership program.
Hutto said the authority’s loan rates are about 50 basis points below market and that recent transactions produced an “overspread” the agency can use to be more aggressive on rates and down‑payment assistance. “We actually purchased $394,000,000 in single family loans in 2024,” Hutto said.
The agency described four major program areas: the homeownership program (tax‑exempt bond supported and conventional products), rental assistance (project‑based and tenant‑based Section 8), low‑income…
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