Council approves parameters for down-payment assistance; program limited to Richland County homes
November 05, 2025 | Richland County, South Carolina
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Richland County Council on Nov. 4 approved committee recommendations setting parameters for the county’s down-payment assistance program.
The Affordable Housing ad hoc committee recommended that eligible dwellings must be located in Richland County, that there be a closing-cost match up to 3% based on the county’s median value, and that the program provide up to 20% in down-payment assistance. The council voted to approve those parameters during the committee report.
During the meeting, Assistant County Administrator (ACA) Jensen clarified staff’s recommendation: the 3% figure refers to up to 3% of the loan value used as a closing-cost match in the underwriting rule of thumb (not 3% of some other base). He explained that the rule of thumb for closing costs is about 6% and that a 97% loan-to-value conventional loan typically reflects a 3% down-payment combined into closing costs.
Council members asked questions about whether the measure would reduce delays or how funds would be allocated; staff responded that the items were staff recommendations and that the public defender staffing question raised earlier was separate from the housing assistance parameters.
The motion to adopt the committee’s recommendations carried on roll call. The council did not specify program funding totals or an implementation timetable at this meeting; staff must return to council with program rules and funding sources for implementation steps and an application schedule.
(Reporting note: the committee report referenced a 3% closing-cost match and up to 20% down-payment assistance; specific funding sources and program budget were not specified at Nov. 4 meeting.)
The Affordable Housing ad hoc committee recommended that eligible dwellings must be located in Richland County, that there be a closing-cost match up to 3% based on the county’s median value, and that the program provide up to 20% in down-payment assistance. The council voted to approve those parameters during the committee report.
During the meeting, Assistant County Administrator (ACA) Jensen clarified staff’s recommendation: the 3% figure refers to up to 3% of the loan value used as a closing-cost match in the underwriting rule of thumb (not 3% of some other base). He explained that the rule of thumb for closing costs is about 6% and that a 97% loan-to-value conventional loan typically reflects a 3% down-payment combined into closing costs.
Council members asked questions about whether the measure would reduce delays or how funds would be allocated; staff responded that the items were staff recommendations and that the public defender staffing question raised earlier was separate from the housing assistance parameters.
The motion to adopt the committee’s recommendations carried on roll call. The council did not specify program funding totals or an implementation timetable at this meeting; staff must return to council with program rules and funding sources for implementation steps and an application schedule.
(Reporting note: the committee report referenced a 3% closing-cost match and up to 20% down-payment assistance; specific funding sources and program budget were not specified at Nov. 4 meeting.)
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