64-3 - Special Needs Financing

64-3. Special Needs Financing

A. Monies deposited in the South Carolina State Housing Finance and Development Authority Program Fund may be used to provide loans to other state agencies, local and regional governments, non-profit and for profit housing sponsors to provide rental housing for the homeless, elderly and other served by existing housing programs.

B. The Commissioners of the Authority will approve general guidelines as to the types of proposals it will consider for special needs financing.

C. The terms and conditions of each loan made to provide special needs financing must be approved in advance by the Commissioners of the Authority.

D. The staff of the Authority will review each proposal for special needs financing and make its recommendations to the Authority's Commissioners.

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

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