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 and updating the roles and responsibilities of its commissioners and executive director. The bill specifies that the Governor will appoint seven commissioners and an executive director, who will have experience in relevant fields such as mortgage finance and real estate. Additionally, the bill outlines the Authority's powers, including the ability to issue home equity conversion mortgages and manage a program fund for housing finance.

Further amendments include clarifications on the maximum interest rates for home loans, the establishment of the South Carolina Housing Trust Fund, and the creation of an advisory committee to address housing needs. The bill emphasizes the importance of equitable distribution of funds between urban and rural areas and mandates that the funds be used to increase the supply of affordable housing for very low and lower-income households. The act will take effect upon the Governor's approval 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