South Carolina Code 31-13-180. Declaration of legislative findings and purpose
(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 the creation and persistence of substandard living conditions and is inimical to the health, welfare and prosperity of all residents of the State.
Terms Used In South Carolina Code 31-13-180
- Authority: means the South Carolina State Housing, Finance, and Development Authority created by Act 500 of 1971. See South Carolina Code 31-13-170
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- housing project: means any work or undertaking which is designed and financed pursuant to the provisions of this chapter for the primary purpose of providing sanitary, decent and safe dwelling accommodations for persons and families of low income and persons and families of moderate to low income in need of housing. See South Carolina Code 31-13-170
- Lien: A claim against real or personal property in satisfaction of a debt.
- Mortgage: means a mortgage or other instrument which constitutes a lien on improvements and real property or on a leasehold estate of duration satisfactory to the Authority or which can be insured to the satisfaction of the Authority. See South Carolina Code 31-13-170
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Persons and families of low income: means those individuals who are members of households whose gross income is less than the income of those within the definition of the class "Persons and families of moderate to low income". See South Carolina Code 31-13-170
- Persons and families of moderate to low income: means those individuals who are members of households whose gross income falls between seventy-five percent and one hundred fifty percent of the "median gross income" of all households in South Carolina as determined on the basis of the latest available statistics furnished to the Authority by the Revenue and Fiscal Affairs Office. See South Carolina Code 31-13-170
- Real property: means all lands within the State, including improvements and fixtures thereon, and property of any nature appurtenant thereto or used in connection therewith and every estate, interest and right, legal or equitable, thereon, including leasehold estates. See South Carolina Code 31-13-170
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- Residential housing: means a specific work or improvement within the State which provides dwelling accommodations for persons and families of low income and persons and families of moderate to low income and such other recreational, community, educational and commercial facilities as may be incidental or appurtenant thereto as shall be approved by the Authority as necessary or desirable for the particular undertaking. See South Carolina Code 31-13-170
- State: means the State of South Carolina. See South Carolina Code 31-13-170
(b) That private enterprise and investment have not been able to produce, without governmental assistance, the needed construction of sanitary, decent 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 and to thus achieve the urgently needed rehabilitation of much of the present low and moderate income housing supply.
(c) That the supply of residential housing for persons and families displaced by public actions or natural disaster should be increased.
(d) That private enterprise and investment should be encouraged to sponsor, build and rehabilitate residential housing for such persons and families.
(e) That private financing be supplemented by financing as provided for in this chapter to help prevent the recurrence of slum conditions and blight and assist in their permanent elimination throughout South Carolina.
The General Assembly further notes that private enterprise and investment have been able to produce or provide mortgage financing for sufficient new residential housing essential to retain and attract qualified manpower resources in many areas of the State where such resources are, or shortly will be, critically needed for existing, expanding and new industrial and commercial operations and development.
It is hereby further declared to be necessary and in the public interest that the Authority be authorized to perform the following activities related to residential housing, housing development or housing project for the benefit of the beneficiary classes only:
(1) Provide construction and mortgage loans.
(2) Purchase mortgage loans.
(3) Provide for predevelopment costs, temporary financing and land development expenses.
(4) Provide residential housing construction and rehabilitation by private enterprise and housing sponsors for sale or rental to persons and families of low income and persons and families of moderate to low income.
(5) Provide mortgage financing.
(6) Make loans to mortgage lenders under terms and conditions requiring that the proceeds thereof be used by the mortgage lenders for new residential mortgage loans.
(7) Provide technical, consultative and project assistance services to housing sponsors.
(8) Assist in coordinating federal, state, regional and local public and private efforts and resources.
(9) Promote wise usage of land and other resources.
(10) Make direct loans to qualified individuals through mortgage lenders.
(11) Under the conditions enumerated in § 31-13-190 acquire title to real property and cause to be constructed thereon.
(12) Sell and dispose of real property and residential housing on such terms and conditions as the Authority shall determine.
(13) Acquire title to and sell real property where necessary to accomplish the purposes and intent of this chapter or where necessary to enforce a lien on any property, security or collateral pledged to the Authority.
The General Assembly further finds that all of the foregoing are public purposes and uses for which moneys may be borrowed, expended, advanced, loaned or granted and that such activities serve a public purpose in improving or otherwise benefiting the people of the State, that the enactment of this chapter is in the public interest and is hereby so declared as a matter of express legislative determination.