SC housing celebrates 40 years of making homeownership a reality

June 18, 2019

In 1978 homeownership had become an impossible dream for many across the country and South Carolina was not an exception.  The economy was stagnating, interest rates were high and banks were reluctant to loan money to anyone other than those with stellar credit and substantial down payment funds.

The South Carolina State Housing Finance and Development Authority (SC Housing) stepped up to ease this crisis with an innovative state lending program for first-time homebuyers.  In December 1978, SC Housing issued its first bond series to raise the funds to originate $75M in loans.  By early 1979, lenders were using these funds to make affordable mortgage loans to homebuyers throughout the state.  1900 mortgages were originated in 1979, the first year of the program.

SC Housing continues to offer its lending program for first-time homebuyers and has made homeownership possible for more than 43,000 households.  The program has been completely self-funded, using no state tax dollars to operate.

This marks the 40th anniversary of the launch of SC Housing’s lending program for first-time homebuyers.  We are celebrating this anniversary in the month of June, which is also National Homeownership Month and the month in which SC Housing launches its Palmetto Heroes Program to help South Carolina teachers, nurses, firefighters, law enforcement officers, EMS personnel and veterans to become homeowners.