The bill H. 3426 aims to amend various sections of the South Carolina Code of Laws concerning the South Carolina State Housing Finance and Development Authority (the Authority). Key changes include designating the Authority as a state agency, updating the appointment process for commissioners and the executive director, and clarifying the powers and duties of the Authority. The bill also introduces provisions for the establishment of a South Carolina Housing Trust Fund, which will be managed by the State Treasurer and used to support affordable housing initiatives for very low and lower-income households.

Additionally, the bill outlines the responsibilities of the executive director in managing the fund, ensuring equitable distribution of resources, and providing technical assistance to housing sponsors. It emphasizes the need for collaboration between government, nonprofit, and for-profit entities to enhance affordable housing opportunities. The bill also sets limits on the percentage of trust fund expenditures in any one county and establishes guidelines for the use of fund monies to promote safe, decent, and affordable housing. The act will take effect upon approval by the Governor and will first apply to years after 2026.

Statutes affected:
12/05/2024: 31-13-20, 31-13-30
Latest Version: 31-13-20, 31-13-30