Lowcountry
Community Development Corporation (LCDC) is a non-profit agency that applies
to other agencies for funds to help with home repairs or home purchase.
The
funding programs we work with require that you sign a “Retention Agreement”
that will be recorded at the courthouse with your deed if you receive
assistance.
Unfortunately, this is non-negotiable. It is a requirement of the
funding programs.
Different
funding programs have different “Forgiveness Periods.” For example,
under several programs, the money you received is “forgiven” after 5 years,
and you will have to repay it as long as you have continued to live in your
home for the 5 years. Other programs have a 20-year forgiveness
period, and the amount you receive is forgiven at 5% per year for 20 years.
There is
no interest on this money. As long as you live in your home for the
forgiveness period, the money should be considered a grant. There is
no monthly payment.
It is
important that you understand the retention provision. Not only that,
you should discuss it with your family. Often we find that other
family members do not wish to have the property “encumbered” and they
persuade the applicant not to sign the retention agreement. Without a
signed retention agreement we cannot apply for funds.
If you
are not willing to sign a “Retention Agreement,” please let us know
immediately so that we may close your application. We cannot help you
get repair money or down payment assistance, any other way.
1.
You qualify for assistance
by providing needed information.
2.
LCDC makes initial visit to
home (volunteers or housing rehab
coordinator)
3.
Contractors bid on repairs.
4.
LCDC selects the lowest bid.
5.
LCDC requests funding.
6.
Funding is approved.
7.
State or County makes an
initial inspection visit.
8.
You sign the Retention
Agreement for funding.
9.
LCDC gives the contractor
notice to begin work.
10.
LCDC sends the Retention
Agreement to the courthouse to be recorded
with your deed.
11.
Contractor(s) start repairs.
12.
LCDC
makes a final inspection.
13.
State or County makes a
final inspection.
14.
LCDC requests funds to pay
contractor(s).
The process can take 6 months or longer.
Beaufort County HUD Median
Family Income Limits (50%) (in Dollars)
Also referred to as “Very Low Income”
Effective March 8, 2006- unchanged
March 2007
|
1
person |
2
persons |
3
persons |
4
persons |
5
persons |
6
persons |
7
persons |
8
persons |
|
22050 |
25200 |
28350 |
31500 |
34000 |
36550 |
39050 |
41600 |
Allendale,
Colleton, Hampton and Jasper County
HUD Median
Family Income Limits (50%) (in Dollars)
Also referred to as “Very Low Income”
Effective March 8, 2006- unchanged
March 2007
|
1
person |
2
persons |
3
persons |
4
persons |
5
persons |
6
persons |
7
persons |
8
persons |
|
16300 |
18650 |
20950 |
23300 |
25150 |
27050 |
28900 |
30750 |
to apply. We will a
In order to start the
home repairs process, you must be
eligible to apply. LCDC Housing
Rehab Coordinator will need you to
send the following:
1.
LCDC Housing Rehab Intake Sheet
(05-2007) (filled out)
2.
LCDC HVAC Flyer (signed)
3.
Picture Identification:
Driver’s License or
State-Issued ID card
4.
Current Property Tax Bill - Stamped
PAID
5.
Property Deed
-
Clear Deed with Legal Description of
Property
6.
Listing of total household income,
from ALL sources, shown for EACH
household member.
Effective
August 7, 2007, Lowcountry Community
Development Corporation, Inc. (LCDC)
in
partnership with the South Carolina State
Housing Finance and Development Authority,
is ONLY
Accepting Applications
from very-low-income mobile home owners
whose dwellings are dilapidated and not
cost-effective to repair.
HEIRS' PROPERTY DOES NOT QUALIFY FOR THIS
PROGRAM
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