(Doc Name h:\legwork\house\amend\H-WM\005\nms, ott iii.docx):
EXPLANATION: Requires 25% of the National Mortgage Settlement be used for the Neighborhood Stabilization Program and 25% be used for the Multifamily Bond Program. Requires AG to retain $3M for Savannah River Maritime Commission litigation costs.
Amend the bill, as and if amended, Part IB, Section 90, STATEWIDE REVENUE, page 516, paragraph 90.19, line 32, by striking /Line 32 in its entirety/ and inserting /been credited to the General Fund to the South Carolina State Housing Authority. Of these funds, 25% shall be used for the continuation of the Neighborhood Stabilization Program and 25% shall be used for the Multifamily Bond Program. The balance of the funds shall be transferred to the Department of Commerce's Deal Closing Fund. Prior to transferring funds to the South Carolina Housing Authority, the Attorney General's Office must retain $3,000,000 for Savannah River Maritime Commission litigation expenses./
Renumber sections to conform.
Amend totals and titles to conform.