Fiscal Year 2020 Results

For the fiscal year ending June 30, 2020, SC Housing expended $461 million in furtherance of its mission. How was that money spent?

Just over half of these funds went toward the funding of mortgages for borrowers served by our homeownership programs. This was the best year ever with respect to both the number of customers served and total volume for these programs.

About one-third was spent on rental assistance, deploying federally allocated funds to support affordable rental housing for Section 8 tenants and Housing Choice Voucher recipients. These resources do not vary much year to year.

An additional 13% was spent on development activities. This amount is down from prior years due to the lower number of LIHTC properties placed in service; this can largely be attributed to the emergence of the COVID-19 pandemic and related challenges.

However, due to the enactment of the Workforce and Senior Affordable Housing Act (H.3998) last May, which creates a state-level companion to the federal LIHTC, SC Housing expects the number of LIHTC properties in the pipeline to increase dramatically in the years ahead.

Finally, the remaining 3% of funds were expended on administration, which covers the agency’s payroll, information technology infrastructure, contracted goods and services, and other costs.

In total, these activities helped provide housing to 22,581 households statewide – without general appropriations from the S.C. Legislature. This includes 20,150 households receiving rental assistance, 1,648 homebuyers closing on an SC Housing mortgage, and 783 households able to access new or improved housing through Development Division programs.