Bill > H3426

This bill makes several technical amendments to South Carolina's State Housing Finance and Development Authority statutes, primarily clarifying the Authority's status as a state agency and adjusting references from "commissioners" to "executive director" throughout multiple sections of law. The bill formally establishes the Authority as a public body corporate and politic that is a state agency, with seven commissioners appointed by the Governor and confirmed by the Senate, who will have experience in mortgage finance, banking, real estate, and home building. The executive director will serve at the pleasure of the Governor and be responsible for day-to-day operations, including developing comprehensive housing programs, implementing application and selection systems for housing assistance, providing technical assistance, and monitoring housing developments. The bill maintains the Authority's existing powers to provide home equity conversion mortgages, administer housing trust funds, and support affordable housing initiatives for low and very low-income households. The changes also update provisions related to the Authority's financial management, including how funds are collected, deposited, and used, with a continued focus on creating safe, decent, and affordable housing opportunities across urban and rural areas of South Carolina. The bill will take effect upon the Governor's approval and will first apply to years after 2026.

Budget and Finance

https://www.scstatehouse.gov/billsearch.php?billnumbers=3426&session=126&summary=B