View Amendment Current Amendment: DG mortsett.DOCX to Bill 4813     Senator JACKSON proposes the following amendment (DG MORTSETT):
    Amend the bill, as and if amended, Part IB, Section 90, STATEWIDE REVENUE, page 529, by striking proviso 90.19 in its entirety and inserting:

/     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, then the first ten million dollars in that account in the current fiscal year must be transferred to the Department of Commerce's Deal Closing Fund and any remaining amount in the Litigation Recover Account on July 1, 2012, must be transferred to the South Carolina State Housing Finance and Development Authority for Homeowners Foreclosure Assistance. Of the funds transferred to the South Carolina State Housing Finance and Development Authority pursuant to this paragraph, 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. The remaining 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.
    (B)     If any of the proceeds of the National Mortgage Settlement are made available to the State in the current fiscal year, and the balances provided in subparagraph (A) of this paragraph have not been paid from the Litigation Recovery Account, then the first ten million dollars of the proceeds must be transferred to the Department of Commerce's Deal Closing Fund and any remaining proceeds must be transferred to the South Carolina State Housing Finance and Development Authority for Homeowners Foreclosure Assistance. Of the funds transferred to the South Carolina State Housing Finance and Development Authority pursuant to this paragraph, 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. The remaining 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.         /
    Renumber sections to conform.
    Amend sections, totals and title to conform.