Program: Homeownership

Program Goal: To provide expanded homeownership opportunities for persons and families of low and moderate-to-low income in South Carolina.

Program Objective: To enhance homeownership opportunities by providing below market rate mortgages and down payment assistance to lower income South Carolinians. Special programs have been implemented to provide additional homeownership assistance to the traditionally underserved rural and single family households. Work directly with communities to provide creative mortgage financing programs to enhance the affordability of homeownership in South Carolina.

Performance Measures: (FY )
Workload Indicators:

• 796 new first mortgages totaling $42,218,841
• 498 down payment assistance loans
• Of 10,692 loans outstanding servicing administered on 3586

Efficiency Measures:

• All services provided at no cost to South Carolina Taxpayers
• Program operating cost of less than $50 per outstanding loan

Effectiveness Measures:

• Total of 25,276 homes financed
• Current average annual family income of home purchasers is $21,873 and average loan amount is $53,039. Authority maximum income limit is 79% of the HUD median income for South Carolina.

Program: Mortgage Servicing

Program Goal: To provide mortgage servicing function to homeowners whose mortgages are financed through the Homeownership Programs of the Authority. To collect monthly mortgage loan payments, pay insurance premiums and property taxes.

Program Objective: To assist the Authority in providing homeownership opportunities by reducing costs in Authority payment of service fees to other servicing providers.

Performance Measures: (FY )
Workload Indicators:

• Over 3,500 loans were serviced
• Over 3,500 property tax bills were processed
• Over 3,500 insurance bills paid annually

Efficiency Measures:

• All services provided at no cost to South Carolina taxpayers
• Program employee costs are at $55 per loan

Effectiveness Measures:

• Annual savings to the Authority of $403,000 in service fees
• Additional annual income of $171,000 in late fees

Program: Rental Assistance

Program Goal: To provide rent and utility assistance to very low income South Carolinians in obtaining decent and safe housing. To increase the quantity and improve the quality of the stock of affordable, decent, and safe housing for persons and families of low and moderate-to-low income in South Carolina.

Program Objective: Increase participation in the Department of Housing and Urban Development's Assistance to the maximum extent allowed by Federal law. The Authority will inspect all rental units under assistance contracts at least once a year to insure quality rental housing for its clients.

Performance Measures: (FY )
Workload Indicators:

• Over 4,000 housing quality inspections of rental units performed.

Efficiency Measures:

• Program operating costs of less than $340 per rental assistance unit.

Effectiveness Measures:

• Over 4,000 families including more than 10,000 people receive rental assistance through the Authority.
• Average annual family income for an assistance client of $5,327.
• Average annual rental and utility assistance of over $3,000 per family.

Program: Multi-Family Tax Exempt Bond Financing

Program Goal: To provide affordable rental housing opportunities for low to moderate income South Carolinians. To increase the availability and quality of affordable rental units through new construction or the rehabilitation of existing units.

Program Objective: The Authority will work to increase the availability of affordable rental housing units by providing permanent financing through the issuance of tax exempt bonds. The Authority will actively advise and assist housing sponsors seeking an allocation through the state bond ceiling. The Authority will meet the required property and management review criteria to ensure compliance with applicable state and Federal legislation.

Performance Measures: (FY )
Workload Indicators:

• Thirty-eight developments containing 6,746 units.
• Property and management reviews at 100% of developments for compliance with applicable state and Federal legislation.

Efficiency Measures:

• All services provided at no cost to South Carolina taxpayers.
• Review tenant records, annual financial statements, and perform physical inspections for 100% of developments.
• Provide program training to on-site management personnel..

Effectiveness Measures:

• 6,746 good quality units at affordable rents available for low to moderate income individuals or families.
• Satisfied property and management reviews of all developments with a minimum of follow-up inspections necessary.

Program: Low Income Housing Tax Credits (LIHTC)

Program Goal: To provide affordable rental housing opportunities to lower income South Carolinians. To increase the availability and quality of affordable rental units through new construction or the rehabilitation of existing units.

Program Objective: The Authority will continue working to increase the supply of affordable rental housing units by maximizing the allocation of LIHTC. The Authority will continue targeting proposals from rural areas and those which are sponsored by qualified nonprofit organizations. As required by the Revenue Reconciliation Act of 1993, the Authority will consider the reasonableness and appropriateness of the developmental and operational costs of a development as an additional factor in making its determination as to the proper amount of LIHTCs to allocate to a development. The Authority will exceed the applicable monitoring requirements necessary to ensure compliance with program legislation.

Performance Measures: (FY )
Workload Indicators:

• Allocated $6.525 million ($65.2 million--10 year total) in LIHTC, 98% of LIHTC available
• 1349 units providing 2,935 bedrooms for an anticipated 4,403 persons to be served
• Over 50% of placed in service LIHTC developments monitored for compliance with applicable federal and state requirements for maximum rent and income limits as well as inspect for housing quality standards.

Efficiency Measures:

• Maximize the allocation of LIHTC available to promote the efficient production of affordable rental housing units
• Maximize the equitable distribution of LIHTC between rural and urban communities
• Minimize the amount of carry-over allocations returned.
• Exceed IRS requirements for performing monitoring inspections of 20% of LIHTC developments.

Effectiveness Measures:

• Allocated $25.7 million ($257 million--10 year total) to 295 developments containing 9,153 units in 44 counties
• Performed compliance monitoring inspections for over 50% of LIHTC developments annually.

Program: Housing Trust Fund

Program Goal: To provide financial assistance to increase or upgrade the supply of safe, decent, and affordable housing for members of the very low or lower income households within the state.

Program Objective: The Authority will work to encourage affordable home ownership and rental housing opportunities for the very low and lower income individuals and households, assist in the creation and preservation of safe, decent, affordable, and sanitary housing for the very low and lower income persons through the provision of loans and grants, increase the availability of affordable rental and owner-occupied housing for specials needs populations, including housing for the elderly, the handicapped, and the homeless: promote creativity and flexibility in the design of programs at the local level to bring about the creation of safe, decent, affordable, and sanitary home ownership and rental housing in quality living environments. Maximize the utilization of federal housing assistance programs and leverage other public and private resources; establish a spirit of partnership among government, nonprofit, and for profit concerns and those in need of affordable housing.

Performance Measures: (FY )
Workload Indicators:

• Processed 72 applications of which 48 developments were recipients of Trust Fund awards.
• Over 233 affordable housing units built or rehabilitated.
• Property or management reviews of development for compliance with applicable state legislation and program requirements.

Efficiency Measures:

• All services provided at no cost to the Housing Trust Fund.
• Maximized the allocation of HTF funds to promote the efficient production of affordable housing units.
• Maximize the equitable distribution of HTF between rural and urban communities.
• Inspected majority of units placed in service.

Effectiveness Measures:

• Allocated $2.27 million to 48 developments which provided safe, decent housing for an estimated 685 persons annually
• Satisfied property and management reviews of all developments with a minimum of follow-up inspections necessary

Program: HOME Partnerships Investment Program (HOME Program)

Program Goal: The HOME Program is designed to promote partnerships among the federal government (HUD), state and local governments, and those in the non-profit and for-profit sectors who build, own, manage, finance, and support low income housing initiatives.

Program Objective: To allow participants to design and implement strategies for achieving adequate supplies of decent, safe, sanitary and affordable housing. Through a competitive process, participants receive HOME funding for rental, homeownership, and owner-occupied rehabilitation housing that benefits low and very low income households. The Authority has awarded over $58 million dollars since 1992 to meet these objectives.

Performance Measures: (FY )
Workload Indicators:

• 601 Rental Units developed
• 451 homeownership units developed
• 633 owner-occupied rehabilitated units developed

Efficiency Measures:

• Average HOME subsidy $17,611

• Very low income benefit (0-30 % of median income)	41%
  Very low income benefit (31-50% of median income)	30%
  Low income benefit (51-60% of median income)	24%
  Low income benefit (61-80% of median income)	5%

• The state is allocated approximately $9,000,000 annually
• Average number of HOME awards made each year is 40
• Average dollar amount of awards $200,000