As used in this article:
(1) "Affordable housing" means residential housing that, so long as the same is occupied by lower or very low income households, requires payment of monthly housing costs of no more than thirty percent of one-twelfth adjusted annual income.
(2) "Annual income" means the anticipated total income from all sources received by the family head and spouse and by each additional member of the household, including all net income derived from assets.
(3) "Authority" means the South Carolina State Housing Finance and Development Authority.
(4) "Board" means the Board of Commissioners of the South Carolina State Housing Finance and Development Authority.
(5) "Executive director" means the executive director of the authority.
(6) "Lower income household" means a single person, family, or unrelated persons living together whose annual income adjusted for household size is more than fifty percent, but less than eighty percent, of the median income of the area of residence as determined by the United States Department of Housing and Urban Development.
(7) "Substandard unit" means a housing unit which, by reason of dilapidation, deterioration, age, or obsolescence, inadequate provision for ventilation, light, air, sanitation, or open spaces, high density of population and overcrowding, unsanitary or unsafe conditions, or the existence of conditions which endanger life or property by fire and other causes, or any combination of these factors, is conducive to ill health, transmission of disease, or has an adverse effect upon the public health, safety, morals, or welfare of its inhabitants.
(8) "Trust fund" or "fund" means the South Carolina Housing Trust Fund.
(9) "Very low income household" means a household that has an annual income adjusted for household size of less than fifty percent of the median income of the area of residence as determined by the United States Department of Housing and Urban Development.
HISTORY: 1992 Act No. 410, Section 1.
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.