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, safe and sanitary housing accommodations for members of the beneficiary class intended to be assisted by the program undertaken pursuant to the authorizations of this chapter and at rentals commensurate with the financial capabilities of those within the beneficiary class, and that as a result of such circumstances the need in the particular area for decent, safe and sanitary rental housing accommodations at appropriate rentals cannot be met, then in such instances, the Authority may, upon the approval of the State Fiscal Accountability Authority, borrow the required money from any source, to acquire and cause to be constructed the required rental project, and thereafter to operate such project throughout its useful life. If the approval of the State Fiscal Accountability Authority is obtained, the provisions of Act 500 of 1971 relating to certain approvals, as specified in Section 31-3-150 which was added pursuant to that act, by local housing authorities of certain activities of the Authority shall be inapplicable. But, at any time during the operation of the project, the Authority may sell and convey it to a housing sponsor under conditions that will insure the continued operation of the project for the benefit of the intended beneficiary class.
To that end, the Authority may impose conditions upon any grantee requiring the continued operation of the project under appropriate conditions, including reversion of provisions in any deed of conveyance, to insure the intended result.
HISTORY: 1977 Act No. 76, Section 7.
Code Commissioner's Note
At the direction of the Code Commissioner, references in this section to the offices of the former State Budget and Control Board, Office of the Governor, or other agencies, were changed to reflect the transfer of them to the Department of Administration or other entities, pursuant to the directive of the South Carolina Restructuring Act, 2014 Act No. 121, Section 5(D)(1), effective July 1, 2015.
Structure South Carolina Code of Laws
Title 31 - Housing and Redevelopment
Chapter 13 - Moderate To Low Income Housing
Section 31-13-10. Short title.
Section 31-13-20. South Carolina State Housing Finance and Development Authority created.
Section 31-13-40. Organization; executive director.
Section 31-13-50. Powers and duties; application of other provisions.
Section 31-13-70. Housing Finance and Development Authority allocated state ceiling to issue bonds.
Section 31-13-80. Authority may provide advice or technical assistance.
Section 31-13-170. Definitions.
Section 31-13-180. Declaration of legislative findings and purpose.
Section 31-13-200. Notes and bonds.
Section 31-13-210. Maximum interest rate.
Section 31-13-220. Information required by State Fiscal Accountability Authority.
Section 31-13-230. Maximum amount of bonds and notes.
Section 31-13-240. Information required by Bond Committee.
Section 31-13-250. Rental projects authorized.
Section 31-13-260. Refunding notes and bonds.
Section 31-13-270. Selling or exchanging refunding notes and bonds.
Section 31-13-280. Liability of state and political subdivisions.
Section 31-13-290. Applicability of Section 31-3-1630.
Section 31-13-300. Agreements with holders of notes or bonds not subject to future alteration.
Section 31-13-310. Chapter cumulative to any other powers conferred upon Authority.
Section 31-13-320. Provisions of this chapter controlling over other provisions.
Section 31-13-330. Savings clause.
Section 31-13-340. State Housing, Finance, and Development Authority Program Fund.
Section 31-13-400. Short title.
Section 31-13-410. Definitions.
Section 31-13-420. Establishment of fund; trustee; records; payments from fund; annual report.
Section 31-13-430. Advisory committee; composition; meetings; expenses.
Section 31-13-440. Duties of executive director.
Section 31-13-450. Use of monies in fund; eligible projects.
Section 31-13-470. Funding cycles; applications eligible for priority.