1 / 32

South Carolina Housing Trust Fund

South Carolina Housing Trust Fund. An Introduction for New Participants January, 2006. Presentation Overview. Trust Fund Activities Emergency Repair Owner-Occupied Rehabilitation Homeownership Acquisition Trials and Tribulations What Now?. Trust Fund Activities. Emergency Repair

ramona
Download Presentation

South Carolina Housing Trust Fund

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript


  1. South Carolina Housing Trust Fund An Introduction for New Participants January, 2006

  2. Presentation Overview • Trust Fund Activities • Emergency Repair • Owner-Occupied Rehabilitation • Homeownership Acquisition • Trials and Tribulations • What Now?

  3. Trust Fund Activities • Emergency Repair • Owner-Occupied Rehabilitation • Homeownership Acquisition • Rental • Supportive Housing • Land Acquisition • Group Homes

  4. Emergency Repair

  5. Emergency Repair Definition • Be the result of a recent event, such as a fire or flood; • Not be the result of accumulated deferred maintenance (see Owner-Occupied Rehabilitation activity); • Not be covered by existing insurance. Emergency Repair means required repairs to owner-occupied units that are necessary to eliminate clear and present danger(s) to the occupant(s). In order to be classified as an emergency, the deficiency(s) to the unit must: Other conditions that will be considered in determining qualification as an emergency for purposes of this program include: • Units occupied by children under the age of 12; • Units occupied by disabled individuals of any age; • Conditions that, if not repaired immediately, would cause further or irreparable damage; • Units where the heating, cooling, electrical, or plumbing systems are not functioning or do not exist.

  6. Emergency Repair Basic Information • Can be applied for at any time • NOT available as a block grant • Cannot have more than one Emergency Repair on a property

  7. Emergency Repair Eligibility… • Owner-Occupied units ONLY • Fall within income limits • Clear and present danger to occupants • NOT the result of deferred maintenance • NOT covered by existing insurance

  8. Emergency Repair Special consideration for… • Units occupied by the disabled • Units occupied by children under 12 • Problems with major systems (i.e. plumbing, HVAC, electrical, etc.) • Repairs to prevent future or ongoing damage

  9. Emergency Repair Workflow Identify and pre-qualify household Submit Application and exhibits to HTF Work Completed – Inspection & Draw Requested Complete Emergency Repair Application HTF Reviews & Approves – Inspection Ordered Inspection Performed Gather all items listed in Emergency Repair Checklist Emergency Repair Agreement Executed – Work Begins Draw Paid

  10. Emergency Repair Workflow Helpful Hints… • Submit a COMPLETE application • Begin work within 30 days of application – Finish within 90 days • Make sure you have proof of income • Check your deed, recheck your deed, and then recheck your deed again • Mobile homes CANNOT be more than 28 years old – Owners must have title to both the land and the home

  11. Emergency Repair Workflow Application Checklist • Application form • Site map & directions from the Authority • Deed (Check it!!) • Photographs (Front/back & area to be rehabilitated • Work write-up • Contractor’s license & Liability Insurance – Both current and valid

  12. Emergency Repair Workflow Application Checklist Continued • Income Certification, verification, documentation • Documentation of the emergency… tell us a good story, and provide any backup • Documentation of uninsured loss • Financial commitments, if any

  13. Owner-Occupied Rehabilitation

  14. Owner-Occupied Rehabilitation Basic Information • Can be applied for during open application cycles • ONLY available as a block grant • Cannot have more than one Rehabilitation on a property • Owner-Occupied units ONLY • Fall within income limits

  15. Owner-Occupied Rehabilitation Two pieces to the process… • Block Grant Application • “Reserves” funds • Apply during open cycle • Owner-Occupied Beneficiary Request • Can be submitted at any time with an open Block Grant • Must contain all beneficiary information and work write-ups

  16. Block Grant Application Completed and Submitted Beneficiary Request Prepared – With Exhibits Draw Requests HTF Reviews and Authority Board Approves HTF Reviews & Approves – Inspection Ordered Final Inspection Performed Technical Assistance – Funding Agreement Signed Restrictive Covenants Signed – Work Begins Draw Paid – File Closed Owner-Occupied Rehabilitation Workflow Block Grant Process Beneficiary Process

  17. Owner-Occupied Rehabilitation Workflow Helpful Hints… • Don’t submit Beneficiary Requests until you’re ready to begin work • Begin work within 30 days • Make sure you have proof of income • Check your deed, recheck your deed, and then recheck your deed again • Take your time on the work write-up – the homeowner has to live with it

  18. Owner-Occupied RehabilitationWorkflow Beneficiary Request Checklist • Beneficiary Request form • Site map & directions from the Authority • Deed (Check it!!) • Photographs (Front/back) • Work write-up • Contractor’s license • Income Certification, verification, documentation • Financial commitments, if any

  19. Homeownership Acquisition

  20. Homeownership Acquisition Basic Information • Can be applied for during open application cycles • ONLY available as a block grant • Used for down payment and closing costs • Fall within income limits

  21. Homeownership Acquisition Two pieces to the process… • Block Grant Application • “Reserves” funds • Apply during open cycle • Homeownership Beneficiary Request • Can be submitted at any time with an open Block Grant • Must contain all beneficiary and property information

  22. Block Grant Application Completed and Submitted Beneficiary Request Prepared – With Exhibits Closing Documents Retuned to HTF HTF Reviews and Authority Board Approves HTF Reviews & Approves Technical Assistance – Funding Agreement Signed Closing Documents & Check sent to Closing Attorney Homeownership Acquisition Workflow Block Grant Process Beneficiary Process

  23. Homeownership Acquisition Workflow Helpful Hints… • Don’t submit Beneficiary Requests until the closing date is set • Allow three (3) weeks for processing • Make sure you have proof of income • Use an experienced closing attorney

  24. Homeownership Acquisition Workflow Beneficiary Request Checklist • Beneficiary Request form • Site map & directions from the Authority • Copy of full appraisal • Photographs (Front/back) • Homebuyer’s Counseling certificate • Closing attorney information • Income Certification, verification, documentation • Financial commitments

  25. Trials and Tribulations

  26. Trials and Tribulations It’s the little things…. • Submit COMPLETE documentation – Incomplete submissions will be returned • Deeds – Learn to read and understand them • Work write-ups are NOT estimates – You and the homeowner have to live with them • Don’t order inspections that you’re not ready for • We don’t print checks, the State Treasurer does, so allow at least two weeks

  27. Trials and Tribulations Even MORE little things…. • Don’t submit Beneficiary Requests until you’re ready to do the deal • Don’t request more money in a Block Grant than you can realistically use in a year • My ears are ringing, and so is the phone – Email us! Get a written response! • Check that income, verify that income, document that income

  28. What Now?

  29. What Now? Getting Started • Become an approved HTF non-profit organization • Identify needs in your community – Start small • Get organized FIRST and then arrange for some one-on-one training • Visit our website: www.SCHousing.com

  30. HTF Contact Information SC State Housing Finance & Development Authority Housing Trust Program300 C Outlet Pointe Blvd.Columbia, SC 29210 803/896-9001 www.SCHousing.com

  31. HTF Contact Information

  32. www.SCHousing.com

More Related