130 affordable single-family homes coming to SC. Here’s where, what to know
As home prices and interest rates continue to squeeze South Carolina’s housing market, a new state initiative is offering fresh incentives to builders and homebuyers in a bid to make homeownership more affordable.
The Made It Home! program, launched by the South Carolina Housing Finance and Development Authority in August, aims to expand the supply of affordable, high-quality homes and incentivize their construction and purchase.
This program will bring 130 affordable single-family homes in several counties for individuals and working families across the state.
About the program & builders
The program was developed by SC Housing to address the state’s shortage of workforce housing. It provides incentives for builders to construct smaller, budget-friendly homes that meet the needs of families earning less than $135,000 annually.
Five contractors have been selected for the program, together responsible for constructing 130 homes across the state:
- D.R. Horton: 40 homes
- Gainey Construction Co.: 15 homes
- Housing Development Corporation of Rock Hill: 15 homes
- McGuinn Homes: 45 homes
- Oak and Ave Property Group: 15 homes
Builders were selected based on their ability to independently finance and complete the projects within an 18-month time frame, covering the cost of land, construction and sales of the homes they build.
Where will these homes go & when will they be built?
While final site selections are still in progress, builders are currently evaluating opportunities in Richland, Orangeburg, Dorchester, Florence, Darlington, Spartanburg, and Sumter counties. Locations are expected to be finalized in the coming weeks, according to Matt McColl, spokesperson for SC Housing.
Several of the planned 130 homes will be located in high-cost-of-living areas, SC Housing stated in a release.
Builders will have nine months to construct the homes and an additional nine months to sell them, for a total of 18 months to complete the project.
Once homes are built and sold within the construction timeline, SC Housing states that builders will receive a $12,500 cost-offset subsidy per home.
About the homes, cost & types
The participating contractors will build either 1,000 square-foot homes with two bedrooms or 1,200 square-foot homes with three bedrooms, offering two bathrooms in each.
The single-family homes are designed to remain within reach for first-time or entry-level buyers and will be priced as follows:
- Two-bedroom homes: priced at or below $175,000
- Three-bedroom homes: priced at or below $200,000
By comparison, SC Housing says that the median listing price of a home in South Carolina has risen to $350,000, whereas Oct. 30 data from the Federal Reserve Bank estimates it’s closer to $365,000.
Who qualifies for the Made It Home! program?
Made It Home! is an initiative intended to increase the supply of affordable single-family homes throughout South Carolina. The program is focused on building smaller, quality housing at prices within the budgets of most of the state’s workforce.
The program also provides forgivable down payment assistance to buyers to make new homes attainable for working families.
Eligible homebuyers may receive up to $25,000 in forgivable down payment and closing cost assistance, structured as a zero-interest second mortgage that is fully forgiven after 10 years of continuous occupancy.
To qualify, buyers must:
- Use the home as their primary residence
- Earn $135,000 or less annually
- Finance their mortgage through an SC Housing-approved lender
- Meet first-time homebuyer requirements (if using SC Housing’s Homebuyer Bond Program)
How is this program funded?
Funding for the Made It Home! program comes from a state allocation in the current fiscal year’s Appropriations Act, SC Housing states.
About the SC Housing Finance and Development Authority
SC Housing is a housing finance agency that says it strives to ensure that South Carolinians have the opportunity to live in safe, decent and affordable housing and provides those opportunities through a broad range of programs.
SC Housing states that operations are supported by a funding base that includes fees and other revenue earned through the administration of agency programs.
