Homeownership Rehabiliation Program
To assist lower income homeowners to rehabilitate their existing homes for the purpose of meeting County code and addressing current and potential health and safety items.
Source of Funds
Home Investment Partnership Program (“HOME”)
Must be qualified as a household of low to moderate income (Richland County must use HUD’s income limits which defines low to moderate income as 80% of the area median income with adjustments for household size – see attached HUD Income Limits). Annual income is subject to verification using the Part 5 Annual Income definition. The home must be their primary place of residence for at least one year.
- Location: Property must be located in an unincorporated area of Richland County.
- Primary Residence: Applicant must own and occupy the property as their principal residence. Life Estates must have all non-resident persons who still own interest in propety sign off on legal documents. Heir property is not eligible.
- Value: The after-rehabilitation property value must be less than 95 percent of the median purchase price for Richland County.
- Type: Single-family detached dwellings. Mobile homes are not eligible. Home must be built in 1978 or later.
- Termite Bond or Inspection: Home must be covered by an existing termite bond or be inspected by a licensed termite extermination company and show proof that there is no active termite or existing termite damage.
- Code Violations: Items that are not in compliance with minimum housing standards
- Incipient Repairs: Itens that are expected to need repair or replacement in the next 5 years.
80% of area median income or below (see attached HUD Income Limits)
Non-Elderly (less than 62 years old) and Non-Disabled household
- Term: 10 - 15 Years
- Interest Rate: 0%
- Repayment: Monthly (fully amortizing)
Less than or equal to 80% of area median income and
Elderly (62 years) and/or Disabled household
- Term: 10 Years
- Interest Rate: 0%
- Repayment: Deferred Forgivable Loan -This type of loan is interest free and requires no repayment as long as there is no change in ownership for a period of ten (10) years. If there is a change in the ownership or occupancy of the property a pro-rata portion of the loan is due in full. (Based on the rate of 1/120th forgiven each month)
For more information, please contact Frank Frierson at: 803-576-2089 or email: email@example.com.