2002 Section 108 Project Summary - South Carolina

Economic Development

DOWNTOWN LOAN FUND TARGETS REUSE OF DETERIORATED AND VACANT BUILDINGS, JOB CREATION FOR EMPOWERMENT ZONE RESIDENTS
Sumter SC Downtown Redevelopment Project $ 1,000,000

The City of Sumter was able to establish its Downtown Development Fund (the fund) with an award of $1,000,000 in Section 108 loan funds. The City of Sumter will loan the Section 108 amount to the City's Housing and Economic Development Corporation, a not-for-profit corporation, which will establish the fund. The fund will be used to partially finance the purchase and renovation of deteriorated and/or vacant buildings in the City's downtown. The fund is expected to promote job opportunities for the low- and moderate-income persons living in and near the City's Empowerment Zone.

Housing

PROJECT EXPANDS HOMEOWNERHIP OPPORTUNITIES FOR LOW-INCOME HOUSEHOLDS
Charleston SC Homeownership Initiative Project $1,000,000

The City of Charleston received $1,000,000 in loan guarantee assistance to support the City's Homeownership Initiative Project. The City will lend the funds to a non-profit development organization for the purpose of acquiring, constructing, and rehabilitating housing within the City's Enterprise Community and Neighborhood Revitalization Strategy areas. The project is expected to produce 152 units of affordable housing, principally for first-time homebuyers. Total project cost is estimated at $22,508,600.