New housing program offers incentives in rural counties

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A new S.C. State Housing Finance and Development program is offering incentives to increase home ownership in rural counties considered economically distressed by the U.S. Department of Housing and Urban Development.

Participants in the County First initiative may qualify for a low interest rate loan and $8,000 in forgivable down payment assistance, according to a news release. The counties included in the program are: Abbeville, Allendale, Bamberg, Barnwell, Calhoun, Chesterfield, Clarendon, Colleton, Dillon, Edgefield, Fairfield, Georgetown, Hampton, Jasper, Lee, Marion, Marlboro, McCormick, Newberry, and Williamsburg.

“We took a hard look at where we were making the most home loans and realized that some rural counties were underrepresented,” Bonita Shropshire, executive director of SC Housing, said in the release. “We knew that we would have to increase our efforts and provide additional assistance in order to increase investment in those counties. If individuals and families in these communities are ready to buy a home, we want to offer them the extra help to do so.”

Mortgage loans are for 30 years and available from SC Housing’s statewide network of more than 100 participating lenders. Maximum income limits are based on median income per county as well as household composition. The County First program may not be used for refinancing, according to the release.