64-2 - Downpayment Assistance

64-2. Downpayment Assistance

A. Monies deposited in the South Carolina State Housing Finance and Development Authority Program Fund may be used to provide downpayment assistance to qualified lower income applicants for mortgage loans under the Homeownership Mortgage Purchase Program or other similar programs of the Authority.

B. The amount of the downpayment assistance, the terms upon which it is extended and the qualifications to be met by applicants for assistance will be determined by the Authority's Commissioners on a continuing basis.

C. Based upon considerations of need, availability of funds and other program considerations, the Authority's Commissioners may make a determination whether or not downpayment assistance will be available during any particular period of time.

(Added by State Register Volume 17, Issue No. 5, Part 3, eff May 28, 1993.)

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