South Carolina General Assembly
104th Session, 1981-1982

Bill 3288

                    Current Status

Bill Number:               3288
Ratification Number:       288
Act Number                 283
Introducing Body:          House
Subject:                   Relating to the state ceiling to issue
                           qualified mortgage bonds to the South
                           Carolina State Housing Authority"
View additional legislative information at the LPITS web site.

(Text matches printed bills. Document has been reformatted to meet World Wide Web specifications.)

(A283, R288, H3288)

AN ACT TO ALLOCATE, PURSUANT TO 26 U.S.C. SECTION 103A (G) (6) (A), ALL OF THE STATE CEILING TO ISSUE QUALIFIED MORTGAGE BONDS TO THE SOUTH CAROLINA STATE HOUSING AUTHORITY; AND TO AMEND ITEM (P) OF SECTION 3 OF ACT 76 OF 1977, RELATING TO THE SOUTH CAROLINA STATE HOUSING AUTHORITY, SO AS TO DEFINE "PERSONS AND FAMILIES OF MODERATE TO LOW INCOME" AS THOSE INDIVIDUALS WHO ARE MEMBERS OF HOUSEHOLDS WHOSE GROSS INCOME FALLS BETWEEN SEVENTY-FIVE PERCENT AND ONE HUNDRED FIFTY PERCENT OF THE "MEDIAN GROSS INCOME" OF ALL HOUSEHOLDS IN SOUTH CAROLINA.

Be it enacted by the General Assembly of the State of South Carolina:

House Authority allocated state ceiling to issue bonds

Section 1. Pursuant to 26 U.S.C. Section 103A (g) (6) (A), the South Carolina State Housing Authority is allocated all of the state ceiling to issue qualified mortgage bonds.

Definition

Section 2. Item (p) of Section 3 of Act 76 of 1977 is amended by striking "twenty-five" on line three and inserting "fifty". The item as amended shall read:

"(p) `Persons and families of moderate to low income' means those individuals who are members of households whose gross income falls between seventy-five percent and one hundred fifty percent of the `median gross income' of all households in South Carolina as determined on the basis of the latest available statistics furnished to the Authority by the Division of Research and Statistical Services of the State Budget and Control Board. Gross income shall mean income derived from any source whatsoever. An allowance for each member of the family equal to an amount for personal exemptions as defined by the South Carolina Income Tax Law, Section 12-7-310 of the 1976 Code, shall be deducted from gross income in order to qualify a person or family as a member of the `beneficiary class'."

Time effective

Section 3. This act shall take effect upon the approval by the Governor.