S.C. Code § 31-13-10
Short title
This chapter shall be known and may be cited as the "South Carolina State Housing Finance and Development Authority Act of 1977".
South Carolina Code Title 31, Chapter 13 — Moderate to Low Income Housing
South Carolina · statute · S.C. Code tit. 31, ch. 13 · 36 active provisions
S.C. Code § 31-13-20
South Carolina State Housing Finance and Development Authority created
There is hereby created a public body corporate and politic to be known as the South Carolina State Housing Finance and Development Authority.
S.C. Code § 31-13-30
Appointment, qualifications, and terms of commissioners; appointment certificates; ex officio commissioners
The Governor shall appoint, with the advice and consent of the Senate, seven persons to be commissioners of the South Carolina State Housing Finance and Development Authority. The seven persons so appointed shall have experience in the fields of mortgage finance, banking, real estate, and home building. The Governor sh…
S.C. Code § 31-13-40
Organization; executive director
As soon as possible after their appointment, the commissioners shall organize for the transaction of business by choosing a vice-chairman and by adopting bylaws and rules and regulations suitable to the purpose of organizing the Authority and conducting the business thereof. The commissioners shall appoint an executive…
S.C. Code § 31-13-50
Powers and duties; application of other provisions
Except as otherwise provided in this article, the Authority and its commissioners have the same functions, rights, powers, duties, privileges, immunities, and limitations as those provided for housing authorities created for cities, counties or groups of counties, and the commissioners of the housing authorities. The A…
S.C. Code § 31-13-60
Authority authorized to operate in any and all counties; operation where there is county housing authority; approval of local governing bodies
The Authority may conduct its operations in any or all of the counties of the State. If an existing housing authority is operating in a county where the South Carolina State Housing Finance and Development Authority determines that a need exists for additional housing for low-income families, the South Carolina State H…
S.C. Code § 31-13-70
Housing Finance and Development Authority allocated state ceiling to issue bonds
Pursuant to 26 U.S.C. Section 103A (g) (6) (A), the South Carolina State Housing Finance and Development Authority is allocated all of the state ceiling to issue qualified mortgage bonds.
S.C. Code § 31-13-80
Authority may provide advice or technical assistance
The State Housing Finance and Development Authority may provide advice or technical assistance to public and nonprofit entities and to federal agencies so as to stimulate the housing industry and to relieve unemployment. The ability to enter into contracts for the provision of advice or technical assistance as provided…
S.C. Code § 31-13-90
Issuance of notes or bonds for multi-family housing; approval by State Fiscal Accountability Authority
It is intended by the provisions of this section and SECTIONS 31-3-20(15) and (17) and 31-3-540 that the city, county, and regional housing authorities have the same powers presently granted to the State Housing Finance and Development Authority by the provisions of SECTIONS 31-13-160 through 31-13-330 with respect to…
S.C. Code § 31-13-170
Definitions
Unless a different meaning clearly appears from the context, as used in this chapter: (a) "Authority" means the South Carolina State Housing, Finance, and Development Authority created by Act 500 of 1971. (b) "Beneficiary class" or "beneficiary classes" means the class consisting of persons and families of low income a…
S.C. Code § 31-13-180
Declaration of legislative findings and purpose
The General Assembly further finds: (a) That there exists within the State a serious shortage of sanitary and safe residential housing at prices or rentals which persons and families of low income and persons and families of moderate to low income can afford; that this shortage has contributed to and will contribute to…
S.C. Code § 31-13-190
Powers conferred upon South Carolina State Housing, Finance, and Development Authority
In addition to all other powers, functions, rights, duties and privileges vested in the Authority, including without limitation those set forth in chapters 3, 5, 10 and 11 of this title as now constituted and vested in the Authority by reference in Act 500 of 1971 which are hereby expressly confirmed and made applicabl…
S.C. Code § 31-13-200
Notes and bonds
Whenever the Authority shall have determined by resolution that sufficient persons or families of either beneficiary class are unable to pay the amounts at which private enterprise is providing decent, safe and sanitary housing and that through the exercise of one or more of the programs authorized by this chapter, dec…
S.C. Code § 31-13-210
Maximum interest rate
Notwithstanding any limitation or restriction now existing by statute heretofore enacted or other provisions of this chapter, the maximum rate of interest that may be paid by persons or families of the beneficiary class served by SECTIONS 31-13-200(1)(a) and 31-13-200(1)(c) for a home loan with funds obtained under thi…
S.C. Code § 31-13-220
Information required by State Fiscal Accountability Authority
Following a determination made by the Authority that a series of notes or bonds must be sold and a finding that the revenues or other moneys estimated to thereafter be available for the repayment thereof will provide moneys required for the payment of the principal and interest on the notes and bonds outstanding and th…
S.C. Code § 31-13-230
Maximum amount of bonds and notes
Notwithstanding any other provision of this chapter, the total amount of bonds and notes authorized to be issued herein shall not exceed a total amount of twenty-five million dollars during the first twelve months following May 10, 1977.
S.C. Code § 31-13-240
Information required by Bond Committee
Information furnished to the State Fiscal Accountability Authority under the provisions of SECTION 31-13-220 shall also be furnished to the Bond Committee created by Chapter 47 of Title 2.
S.C. Code § 31-13-250
Rental projects authorized
If the Authority, by resolution, shall determine that a rental project is required for any area of the State and there is no housing sponsor capable of undertaking the acquisition, construction and operation of such rental project over its predetermined useful life under conditions assuring that it will provide decent,…
S.C. Code § 31-13-260
Refunding notes and bonds
The Authority may provide for the issuance of refunding notes and bonds for the purpose of refunding any notes and bonds then outstanding which have been issued under the provisions of this chapter, including the payment of any redemption premium thereon and any interest accrued or to accrue to the date of redemption o…
S.C. Code § 31-13-270
Selling or exchanging refunding notes and bonds
Refunding notes and bonds issued pursuant to this chapter may be sold or exchanged for outstanding notes or bonds issued under this chapter and, if sold, the proceeds may be applied, in addition to any other authorized purposes, to the purchase, redemption or payment of such outstanding notes or bonds. Pending the appl…
S.C. Code § 31-13-280
Liability of state and political subdivisions
The notes, bonds or other obligations of the Authority shall not be a debt or grant or loan of credit of the State or any political subdivision thereof and neither the State nor any political subdivision thereof shall be liable thereon, nor shall they be payable out of any funds other than those of the Authority and al…
S.C. Code § 31-13-290
Applicability of SECTION 31-3-1630
The provisions of SECTION 31-3-1630 of the 1976 Code shall be applicable with respect to notes, bonds or other obligations issued pursuant to this chapter.
S.C. Code § 31-13-300
Agreements with holders of notes or bonds not subject to future alteration
The State pledges and agrees with the holders of any notes or bonds issued under this chapter that the State will not limit or alter the rights vested in the Authority to fulfill the terms of any agreements made with the holders thereof or in any way impair the rights and remedies of the holders until the notes or bond…
S.C. Code § 31-13-310
Chapter cumulative to any other powers conferred upon Authority
Except with respect to the provisions of SECTION 31-13-250, the provisions of this chapter shall not be construed as a restriction or limitation upon any powers which the Authority might otherwise have under any laws of the State and this chapter is cumulative to any such powers. This chapter shall be construed to prov…
S.C. Code § 31-13-320
Provisions of this chapter controlling over other provisions
If the provisions of this chapter are inconsistent with the provisions of any other law, including any of the provisions of Act 500 of 1971, the provisions of this chapter shall control.
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