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SC State Housing Receives Nearly $2 Million to Support Foreclosure Prevention Counseling Efforts - 4/19/2010

[Columbia, SC]  The South Carolina State Housing Finance and Development Authority (SC State Housing) announced last Friday that it has been awarded $1,968,818 to support the Palmetto State’s foreclosure prevention counseling efforts. This much-needed boost will enable the partnership between SC State Housing and the housing counseling specialists at Family Services, Inc. to continue and improve foreclosure counseling to South Carolina homeowners in danger of foreclosure.
 
“The need for nonprofit housing counseling has never been greater,” said Valarie M. Williams, Executive Director, SC State Housing. “Communities are challenged by high foreclosure rates and near-record unemployment at a time when state budgets are stretched thin and private resources are growing scarce. This grant will provide critical funding that strengthens our agency’s as well as Family Services’ ability to serve our state during this difficult economic time.”

The grant to support South Carolina’s foreclosure intervention efforts was provided by funds from the National Foreclosure Mitigation Counseling Program (NFMC).  The initial funding was provided by Congress in the FY08 Consolidated Appropriations Act. Additional funding was provided through the Housing and Economic Recovery Act of 2008, the Omnibus Appropriations Act of 2009, and the Consolidated Appropriations Act of 2010. NFMC is administered through a competitive application process by NeighborWorks® America, within guidelines defined by Congress. NeighborWorks® America is an independent, Congressionally-chartered nonprofit organization based in Washington, D.C., with a mission to provide access to sustainable homeownership and safe, affordable rental housing.

Recent data estimates that one in every 700 South Carolina housing units received a foreclosure filing in 2009, the 26th highest foreclosure rate in the nation. South Carolina also has double-digit unemployment, among the hardest hit states in the country, recently qualifying it to receive additional federal help of as much as $138 million for a variety of economic incentives to help homeowners in foreclosure.

For more information about the grant and how it will impact SC State Housing’s foreclosure prevention efforts, please contact Family Services, Inc., 800-232-6489 ext. 7802, or infor@fsisc.org.

SC State Housing is the state's leading provider of capital for affordable housing and is a self-supporting agency of state government. For more information, visit our website: www.schousing.com.