The Housing Authority of the City of Spartanburg, South Carolina (the "Authority") is a public body organized and existing under the Housing Authorities Law of the State of South Carolina, S.C. Code Ann. Section 31-3-10, et seq (the "Act"). As such, the Authority has as a principal purpose overcoming the shortage of decent, safe and sanitary housing that can be afforded by persons of low and moderate income. The Authority's stated mission is to "develop and provide affordable, quality housing options and programs that promote self-sufficiency" and "assist in addressing the needs of low-income, very low-income and extremely low-income families in the City of Spartanburg and Spartanburg County."
In 1986, the South Carolina Legislature granted city, county, and regional housing authorities such as the Authority the same powers that the State Housing Finance and Development Authority ("SCSHFDA") has to issue multifamily housing revenue bonds on behalf of for-profit and nonprofit developers. (Act No. 369 of 1986; S.C. Code Section 31-13-90). In order to fulfil this purpose, the Authority intends to issue its bonds and other obligations (referred to in this policy as "Bonds") to finance developments (i) in which it has a direct interest (as owner, partner, lessee, manager, or otherwise) and (ii) in which it does not have a direct interest (as a "conduit lender").
These guidelines (the "Guidelines") have been adopted (i) to provide procedural and substantive guidance to developers applying to the Authority for financial assistance through the issuance of the Authority's multifamily housing revenue bonds and (ii) to guide the Authority in its review and evaluation of such applications. The Authority's primary focus in making a decision as to whether to participate in a financing will be the affordability of the units and the feasibility of the development. These Guidelines do not establish mandatory or exclusive standards or procedures. No person shall be entitled to maintain an action against the Authority for its actions in approving or disapproving applications based on its adherence to or departure from the provisions hereof.
THE AUTHORITY MAY REFUSE TO PURSUE THE FINANCING OF ANY DEVELOPMENT OR THE ISSUANCE OF ITS MULTIFAMILY HOUSING REVENUE BONDS AT ANY TIME FOR ANY REASON IN ITS SOLE AND ABSOLUTE DISCRETION.
Any questions regarding an application for bond financing should be directed to Joseph Jackson, Development Director, email@example.com, (864-598-6052).