Current Status Introducing Body:Senate Bill Number:937 Committee Number:02 Type of Legislation:GB Subject:Housing, Finance and Development Authority Residing Body:Senate Current Committee:Banking and Insurance Computer Document Number:DKA/3212.AL Introduced Date:Apr 25, 1991 Last History Body:Senate Last History Date:Apr 25, 1991 Last History Type:Introduced, read first time, referred to Committee Scope of Legislation:Statewide Type of Legislation:General Bill
Bill Body Date Action Description CMN
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937 Senate Apr 25, 1991 Introduced, read first time, 02
referred to Committee
View additional legislative information at the LPITS web site.
TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, BY ADDING SECTION 31-13-195 SO AS TO PROVIDE RESTRICTIONS ON THE STATE HOUSING, FINANCE AND DEVELOPMENT AUTHORITY IN MAKING MORTGAGE LOANS TO PERSONS AND FAMILIES OF THE BENEFICIARY CLASS.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. The 1976 Code is amended by adding:
"Section 31-13-195. (A) In making mortgage loans to persons and families of the beneficiary class for residential housing as provided by Section 31-13-190, the authority may not make mortgage loans:
(1) to a person or family that is eligible for a private conventional or federally insured mortgage or otherwise able to obtain financing in the private market;
(2) for single family residential housing when the purchase price exceeds seventy thousand dollars.
(B) The authority shall provide up to two thousand dollars a family from interest earned in bond funds that have not yet been loaned to aid low-income households with down payments or closing costs through a program entitled the `Low Income Equity Assistance Plan (LEAP)'."
SECTION 2. This act takes effect upon approval by the Governor.