SC Housing Low Income Housing Tax Credit | South Carolina...

SC Housing Low Income Housing Tax Credit is overseen by SC Housing to expand safe, affordable housing in

South Carolina. Qualified borrowers may pair fixed‑rate mortgages with varies to curb down‑payment,

closing‑cost, or rehabilitation expenses. The program collaborates with HUD‑approved counseling partners,

offers post‑purchase financial coaching, and can be layered with Mortgage Credit Certificates or USDA rural

incentives. Funds are released through a network of lenders statewide on a first‑come, first‑served basis.

Homes must pass South Carolina building‑code and safety inspections; rehab projects are monitored through draw

schedules.

• U.S. citizen, permanent resident, or qualifying non‑citizen.

• Household income ≤ SC Housing limits (e.g., $99,000 for a family of 4 in Richland County, 2025).

• Purchase price within county caps (e.g., $349,525 for existing homes in Greenville County).

• Minimum 620 credit score (680 for conventional).

• Debt‑to‑income ratio ≤ 45 %.

• Completion of an 8‑hour HUD‑approved homebuyer education course.

• Varies applied toward down payment, closing costs, or repairs.

• 30‑year fixed‑rate mortgage at affordable terms.

• No prepayment penalty; forgivable assistance after required occupancy period.

• Access to foreclosure‑prevention counseling and budget coaching.

1. Pre‑approval: Consult an SC Housing‑approved lender; verify credit and income.

2. Education: Complete HUD homebuyer training; secure certificate.

3. Reserve funds: Lender locks interest rate and reserves assistance via SCHousing portal.

4. Underwriting & appraisal: Provide full documentation; property inspection conducted.

5. Closing: Sign first mortgage and subordinate lien documents; receive assistance funds.

6. Occupancy & compliance: Move in within 60 days and comply with monitoring for forgiveness.