South Carolina Real Estate 2009 by uju61822

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									South Carolina
Housing Trust Fund


  Program Update

  January, 2009
Housing Trust Fund
    Statistics
     ______________________
Funding Pressures Increasing
The slow down in real estate sales activity across the State
continues to limit income to the Fund.
Receipts to the Fund peaked in 2006 and 2007, with some quarters
exceeding $5 million in revenue for the Fund. For 2008, receipts
averaged less than $3 million in revenue. Projections for 2009 are
for quarterly revenues to average about $2 million.
This dramatic drop in revenue has put enormous pressure on the
Housing Trust Fund; quarterly applications continue to exceed
available funds by a factor of 2-to-1.
The following graphs outline revenue, disbursements, and awards
for the Fund.
                                                Housing Trust Fund Statistics
                                                         2000-2008
$12,000,000




$10,000,000




$8,000,000
                            Receipts
                            Disbursements
$6,000,000
                            Awards

$4,000,000




$2,000,000




         $-
              Year   2000   2001       2002   2002      2003      2004     2005   2005   2006   2007   2008
                                              Housing Trust Fund
                                            Monthly Revenue & Projections

$1,800,000


$1,600,000


$1,400,000

                                                                                      Projected Revenue
$1,200,000                                                                             (Normalized for Seasonality)


$1,000,000


 $800,000
             Seasonal Low                    Seasonal Low
              March, 2006                     March, 2007
 $600,000
                                                                      Seasonal Low
                                                                       March, 2008
 $400,000


 $200,000


       $0
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Program Reminders
     ______________________
Funding Priorities
Priority is determined by Activity:
1. Owner-Occupied Rehabilitation &
   Emergency Repair
2. Supportive Housing
3. Rental Housing
4. Homeownership Acquisition
Funding Priorities

HTF staff may reduce the amount requested
under Block Grant applications in order to fund
as many organizations as possible, while ensuring
that monies will be used quickly.
Program Reminders
Block Grants - General
 Block Grants MUST be completed within
   one year.
 If there is “leftover” money in a Block
   Grant (i.e. not enough to do another
   house), the funds can be returned
   WITHOUT penalty.
 “Leftover” funds CANNOT be transferred to
   another or new Block Grant.
Program Reminders
Block Grants - General
 Submit complete beneficiary packages –
   we cannot “hold” packages for you while
   you gather documentation. Storage space
   is severely limited.
 The Declaration of Citizenship form must
   be submitted for all occupants, including
   children.
Program Reminders
Block Grants - General
 Remember to submit your quarterly
   reports.
 Check our website often for program,
   form, and application updates.
Program Reminders
Owner-Occupied Rehab Block Grants
 Any change orders must be submitted and
  approved BEFORE the change is made at
  the job site.
 Remember to manage the relationship
  between the Homeowner and Contractor.
  We are receiving more and more calls
  directly concerning problems.
 Make sure someone is there for
  inspections.
Program Reminders
Homeownership Acquisition Block Grants
 Communicate closely with the closing
  attorney so that they will understand the
  process and the role you play.
 Make sure that the attorney information
  (i.e. address, phone, etc.) is accurate and
  up-to-date.
Program Reminders
Extensions
 All extension requests should be made
   BEFORE the award expiration and MUST be
   made in writing.
 Any Participant who has requested and
   received an extension on any open project
   is ineligible to submit any new HTF
   requests for award until the extended
   project is 100% complete and closed.
Program Reminders
Extensions
 Pay close attention to extension deadlines
   as there are penalties if you fail to meet
   them.
 Program Changes
Under Consideration
      ______________________
Possible Program Changes
Extensions
 Currently, sponsors under an extension
   can continue to submit Emergency Repair
   (ER) applications. This may be limited to a
   a maximum of two (2) open ER’s.
Possible Program Changes
Emergency Repairs
 Currently, an Emergency Repair (ER) must
  be completed within six (6) months. We
  are considering reducing this to two (2)
  months from the time Restrictive
  Covenants are prepared.
Questions
 ______________________
HTF Contact Information
SC State Housing Finance &
Development Authority
Housing Trust Program
300 C Outlet Pointe Blvd.
Columbia, SC 29210
803/896-9001

  www.SCHousing.com
HTF Contact Information
Staff                 Phone            Fax              Email
Matt Rivers
                      (803) 896-8774   (803) 551-4934   matt.rivers@schousing.com
Director – HTF

Delores Edwards
                      (803) 896-9345   (803) 551-4891   delores.edwards@schousing.com
Project Coordinator

Linda Hough-Hicks
                      (803) 896-9338   (803) 551-4896   linda.hough-hicks@schousing.com
Project Coordinator

Dorothy Sutton
                      (803) 896-9360   (803) 551-4948   dorothy.sutton@schousing.com
Project Coordinator

Ava Seidelson
                      (803) 896-9069   (803) 551-4868   ava.seidelson@schousing.com
Administrative
www.SCHousing.com

								
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