90.19. (SR: National Mortgage Settlement) A) If any funds derived from the National Mortgage Settlement are credited to the Litigation Recovery Account before the current fiscal year, the funds associated with the National Mortgage Settlement must be transferred to the Housing Finance and Development Authority for Homeowners Foreclosure Assistance.
B) If any of the proceeds of the National Mortgage Settlement are made available to the State in the current fiscal year, and the balance provided in subparagraph A) of this paragraph has not been paid from the Litigation Recovery Account, the funds associated with the National Mortgage Settlement must be transferred to the Housing Finance and Development Authority for Homeowners Foreclosure Assistance.
C) Of the funds transferred in accordance with subparagraph A) or subparagraph B) above for Homeowners Foreclosure Assistance, forty percent shall be used to fund the South Carolina Legal Services for the purpose of representing individuals in foreclosure or who need loss mitigation assistance and to provide counseling to assist individuals in avoiding foreclosure. Sixty percent shall be used for the Multifamily Bond Program. Fifteen percent of the net proceeds from the Multifamily Bond Program development projects shall be used to provide funding to the three local housing trust funds; Lowcountry Housing Trust, Community Works of Carolina, and the Midlands Housing Trust Fund, during the Qualified Project Period as defined by the Multifamily Bond Program.
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