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, clarifying the roles and responsibilities of the commissioners and the executive director, and ensuring that the Authority's functions align with those of housing authorities at the city and county levels. The bill also introduces provisions for the establishment of a South Carolina Housing Trust Fund, which will be managed by the Authority and used to support affordable housing initiatives for very low and lower-income households.

Additionally, the bill outlines the Authority's powers to issue notes and bonds without personal liability for the commissioners or executive director, and it sets a maximum interest rate for home loans provided to beneficiaries. It emphasizes the need for equitable distribution of funds between urban and rural areas and establishes an advisory committee to address critical housing needs. The bill also stipulates that no more than twenty percent of trust fund expenditures can be allocated to projects in any single county, ensuring a broader reach of affordable housing initiatives across the state. 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