South Carolina
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Rural housing is a major part of the Rural Development mission area
and is committed to assisting those families and individuals in
South Carolina with their needs for decent, safe, sanitary, and affordable
housing.
Section 502 Program-Insured:
A single family housing direct loan program that provides opportunities for very low- and low-income families and individuals to purchase, construct or rehabilitate their own homes with a direct loan from Rural Development. The homeowner's monthly mortgage payment is based on their income.
Section 502 Program-Guaranteed:
The loan guarantee program provides guarantees to lenders. Lenders may approve loans up to 100 percent of the appraised value for moderate income applicants. An approved lender originates the loan and the agency will guarantee 90 percent of the mortgage.
Guaranteed Rural Housing Loan Program Guide
Section 504 Program-Insured Loans and Grants:
The loan and grant program can assist qualified very low-income homeowners to make repairs to improve or modernize their home, to make their homes safer and sanitary or to remove health and safety hazards. Grants are available for repairs that remove health or safety hazards to qualified applicants 62 years of age or older.
Technical Assistance Grants:
These grants are targeted for self-help housing for public or non-profit groups. Applicants must show a need for self-help housing, the professional expertise to supervise a project and lack of funding in order to be eligible for assistance.
Section 515 Program:
Loans are made to individuals, partnerships, non-profit corporations, state or local public agencies, or associations to develop multi-family housing complexes in rural communities. These rural rental housing complexes provide eligible persons in low and moderate income categories and for Senior citizens 62 years of age or older with rental housing suited to their living requirements.
Section 533 Housing Preservation Grants:
The grant provides funds to eligible applicants to conduct housing preservation programs benefiting very low- and low-income rural residents. An eligible applicant can be a state, county, town, or public non-profit corporation authorized to receive and administer HPG funds. The assistance is used to reduce the cost of repair and r ehabilitation, remove or correct health or safety hazards, comply with applicable development standards or codes, or make needed repairs to improve the general living conditions of the resident.
Section 538 Rural Rental Housing Guaranteed Loan Program:
This program, which began operation in 1996, guarantees loans for developers of affordable rental housing. In 1997, the Section 538 program guaranteed $28.1 million for 16 loans in 12 States to build a total of 813 new rental units. These RHS loans have been leveraged to $51.8 million by our partners. The rents at the units financed in fiscal year 1997 will range from $347 to $660, with $447 as the average. The program may be used to build housing for verylow-,low-, and moderate-income people, but the units funded in 1997 will serve mainly low- and moderate-income people.
Section 516 Farm Labor Loans and Grants:
This program provides decent, safe, and sanitary housing for domestic farm labor in areas where a need for farm labor exists.
For more information contact:
Please send any comments or suggestions to:
Marlous.Black@sc.usda.gov
Revised on: August 3, 2005