2014 Charleston Housing Blueprint

CTAR, in conjunction with the SC Community Loan Fund, recently released a housing blueprint for the Charleston region. The blueprint compares our region to economic competitors on key housing and quality of life metrics and makes recommendations for our region to increase housing affordability.

Since 2010, the Charleston Regional Development Alliance has published an annual Regional Economic Scorecard of our region’s economic progress compared to six similar metro areas and two leading economies. Overall, the Charleston region is performing well economically, while also undergoing a structural transformation into a more diversified, knowledge-based economy. However, our region consistently ranks last in housing affordability.

We have achieved the economic growth that we want as a region and now the challenge is sustaining that growth. It is our hope that this document serves as a blueprint of actionable items to increase the number of housing units affordable to the region’s growing workforce because Housing Matters.

2014 Charleston Tri-County Region Housing Blueprint

 

 

 

 

Can’t see the image above?
View the Housing Blueprint here.
Download a PDF version here.

 

Congress extends flood insurance for 5 years

Certainty will never be achieved when talking about the Lowcountry and flooding, but at least now – thanks to the actions of Congress – home buyers can have certainty in knowing there will be available, affordable flood insurance for purchase.

On June 29, both the Senate and House passed the Biggert-Waters Flood Insurance Reform Act of 2012 as a part of H.R. 4348, the Surface Transportation Conference Report. The President will sign the measure this week. The bill includes a 5-year reauthorization and reform of the National Flood Insurance program.

This is the culmination of a successful multi-year REALTOR® Party campaign, with many Calls for Action and a final push at NAR’s Midyear Legislative Conference and Rally in May. Congress had been extending the National Flood Insurance Program a few months at a time since 2008. Twice this led to program shut downs, including one that stalled more than 40,000 home sales in June 2010.

Check out our presentation on how the recent changes can affect you, your clients and your business: 

While the passage of the Biggert-Waters Flood Insurance Reform Act of 2012 brought certainty to the flood insurance marketplace, it also brought change. And that change is what REALTORS® need to be aware of to answer many of their clients potential questions.

For more information about the reauthorization of the National Flood Insurance program, click here.

SC Help: New Options to Avoid Foreclosure

South Carolina Funding Options Helps Homeowners

Approximately 295 million dollars in Hardest Hit Funds has been awarded to the State of South Carolina to help struggling homeowners avoid foreclosure. When retaining the property is no longer an option, SC HELP offers a program that will give the homeowner monetary assistance if they can avoid foreclosure by means of a Short-sale option or Deed-in-Lieu.

SC Help Webinar ScreenshotWatch the SCR Webinar (archived here; login required) with Mandie Mills from the SC State Housing Finance and Development Authority, who shares details about the SC HELP Property Disposition Assistance and how it can help your clients, friends, or family.

Key components for SC HELP include:
• Monthly Payment Assistance-assisting homeowners with monthly payments for a defined period of time while they seek employment and a return to self sustainability.
• Direct Loan Assistance-for borrowers who have experienced a hardship but have regained the ability to pay. Funds can be used to pay arrearages in order to bring the loan current.
• Property Disposition Assistance-in cases where the mortgage cannot be salvaged, funds may be provided to incentivize short sales, deeds-in-lieu of foreclosure and to help transition families from homeownership to rental housing.

Homeowner applicant criteria:
Homeowners applying for Monthly Payment Assistance or Direct Loan Assistance must meet certain threshold requirements in order to apply for help:
1. Borrower or co-borrower must be able to document that the delinquency was a result of a hardship event beyond his/her control (i.e. unemployment, death of a spouse, catastrophic medical expenses, etc.)
2. Mortgage payments must have been made on time for 12 months preceding the hardship event with no more than two 30-day late occurrences
3. The property securing the mortgage must be owner-occupied as a full-time residence
4. Borrower must provide a financial hardship affidavit
5. Mortgage can be no more than 120 days delinquent
6. Loan servicer/investor must be willing to accept payments and provide required data and reporting

Assistance from SC HELP will be provided in the form of a nonrecourse zero-percent interest, non-amortizing, forgivable loan secured by a subordinate lien on the subject property. The loan will be forgiven over a five-year period at a rate of 20% per year. If property is sold or refinanced
prior to the loan termination date, funds will be recovered should sufficient equity be available
from the transaction. The Property Disposition Assistance Program will provide a one time,
lump sum grant to the recipient.