H*3288(Rat #0288, Act #0283 of 1982)  General Bill, By 
 House Labor, Commerce and Industry

Similar(S 649)
 A Bill to allocate, pursuant to 26 U.S.C. Section 103A (g) (6) (A), all of the
 state ceiling to issue qualified mortgage bonds to the South Carolina State
 Housing Authority; and to amend Item (p) of Section 3 of Act 76 of 1977,
 relating to the South Carolina State Housing Authority, so as to define
 "persons and families of moderate to low income" as 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.

   01/12/82  House  Introduced, read first time, placed on calendar
                     without reference HJ-104
   01/14/82  House  Read second time HJ-191
   01/19/82  House  Read third time and sent to Senate HJ-221
   01/19/82  Senate Introduced and read first time SJ-17
   01/19/82  Senate Referred to Committee on Banking and Insurance SJ-17
   01/26/82  Senate Committee report: Favorable Banking and Insurance SJ-18
   01/26/82  Senate Read second time SJ-18
   01/27/82  Senate Read third time and enrolled SJ-17
   02/18/82  House  Ratified R 288 HJ-954
   02/19/82         Signed By Governor
   02/19/82         Effective date 02/19/82
   02/19/82         Act No. 283
   03/05/82         Copies available

AN ACT TO ALLOCATE, PURSUANT TO 26 U.S.C. SECTION 103A (G) (6) (A), ALL OF THE STATE CEILING TO ISSUE QUALIFIED MORTGAGE BONDS TO THE SOUTH CAROLINA STATE HOUSING AUTHORITY; AND TO AMEND ITEM (P) OF SECTION 3 OF ACT 76 OF 1977, RELATING TO THE SOUTH CAROLINA STATE HOUSING AUTHORITY, SO AS TO DEFINE "PERSONS AND FAMILIES OF MODERATE TO LOW INCOME" AS 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.

Be it enacted by the General Assembly of the State of South Carolina:

House Authority allocated state ceiling to issue bonds

Section 1. Pursuant to 26 U.S.C. Section 103A (g) (6) (A), the South Carolina State Housing Authority is allocated all of the state ceiling to issue qualified mortgage bonds.

Definition

Section 2. Item (p) of Section 3 of Act 76 of 1977 is amended by striking "twenty-five" on line three and inserting "fifty". The item as amended shall read:

"(p) `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 Division of Research and Statistical Services of the State Budget and Control Board. Gross income shall mean income derived from any source whatsoever. An allowance for each member of the family equal to an amount for personal exemptions as defined by the South Carolina Income Tax Law, Section 12-7-310 of the 1976 Code, shall be deducted from gross income in order to qualify a person or family as a member of the `beneficiary class'."

Time effective

Section 3. This act shall take effect upon the approval by the Governor.