South Carolina State Housing Finance and Development Authority Recognizes June as Homeownership Month - Celebrating Homeownership in the Palmetto StateThe Board of Commissioners of the South Carolina State Housing Finance and Development Authority (SC State Housing) has endorsed a proclamation observing June as Homeownership Month. Each year, June is celebrated as National Homeownership Month in order to emphasize the importance of homeownership, promote its benefits, and raise awareness about the vital role it plays in improving lives, creating jobs and economic opportunities, and strengthening America's communities.
SC State Housing strives to increase awareness and build upon the strong affordable housing programs it offers. Homeownership Month affords us the opportunity to emphasize programs such as our Homeownership Loan Program, which provides loan and down payment assistance to qualified South Carolina homebuyers.
Interesting statistics regarding SC State Housing's Homeownership Loan Program:
• The program has made more than 39,000 loans exceeding $2.4 billion.
• The program has made more than 14,500 down payment assistance loans totaling over $37.4 million.
• In Fiscal Year 10-11, activity from the program helped to create 837 jobs and generate a total economic output of nearly $114 million.
• The program currently offers a low interest rate of 4.00 percent and up to $4,000 in down payment assistance for qualified borrowers.
"Homeownership Month allows us to reflect on the many benefits of owning a home, as well as the great accomplishments we have made in the housing industry -- not only in South Carolina, but around the nation," said Valarie M. Williams, SC State Housing's Executive Director. "It is a time to celebrate and recognize the countless ways we create and improve affordable housing opportunities and our many efforts to protect homeownership in America."
A recent study conducted by the National Association of Realtors®, "Social Benefits of Homeownership and Stable Housing," sheds light on the important role the housing sector plays on the economy and the long-term social and financial benefits to individual homeowners. The report showed that the housing sector directly accounted for approximately 15 percent of total economic activity in 2011. Additionally, statistical information showed homeownership brings significant social benefits to families, communities and the country as a whole.
"REALTORS® work closely with state and local leaders to create better communities, protect property rights and build a stronger economy," said Nick Kremydas, Chief Executive Officer of South Carolina Realtors®. "We also work for better schools, safer neighborhoods, a cleaner environment and affordable housing choices to help families achieve the American dream. REALTORS® are proud to stand with SC State Housing as we work together to improve the quality of life in South Carolina."
Other SC State Housing programs providing homeownership assistance:
• Once again, SC State Housing has made available $10 million for its Palmetto Heroes Homeownership Program for 2012. The program is designed to help South Carolina law enforcement officers, correctional officers, teachers, firefighters, nurses, veterans and EMS personnel become homeowners. Qualified home buyers can get a fixed interest rate of 3.75 percent as well as down payment assistance of up to $5,000.
• The South Carolina Homeownership and Employment Lending Program (SC HELP), helps families stay in their homes or otherwise avoid preventable foreclosure. For more information, visit www.SCMortgageHelp.com.
About SC State Housing
For forty years, SC State Housing has created quality affordable housing opportunities for the citizens of South Carolina. The agency's vision is that all residents have the opportunity to live in safe, decent and affordable housing. The agency administers a number of Federal and State programs directed at low and low-to-moderate income South Carolinians. SC State Housing is self-sustaining and receives no state appropriations. For more information, visit www.SCHousing.com.
If you would like additional information or have questions regarding this topic, please contact Clayton Ingram at (803) 896-9520 or Clayton.Ingram@SCHousing.com.
