Empowering Home Buyers in Richland County
The Richland County Homeownership Assistance Program is dedicated to making homeownership achievable for residents in unincorporated Richland County by offering vital support for down payments and closing costs.
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Available Assistance The Richland County Community Development’s RCHAP program prioritizes extending homeownership opportunities to low-to-moderate income households. To fulfill this goal, eligible applicants can receive forgivable loans of up to $10,000. These funds are earmarked for use in covering down payments and/or closing costs associated with the purchase of a single-family dwelling. The assistance is structured as a deferred, forgivable, second mortgage. For applicants to have the loan completely forgiven, they must reside in the home for a minimum of five (5) years from the closing date. If the applicant does not use the home as their primary residence for the full five-year period, the assistance must be repaid based on a prorated formula. The maximum loan amount available under this program is $10,000.
Eligibility Requirements To qualify for the Richland County Homeownership Assistance Program, prospective beneficiaries must meet the following criteria:
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- Residency in South Carolina.
- No existing purchase contract on a house until after completing program requirements.
- Qualification as a low to moderate-income household, as determined by income limits set at 80% of the area’s median income (details below).
- The selected property must be a single-family detached dwelling located in the unincorporated area of Richland County.
- Properties must have been constructed after 1978.
- Properties must pass a stringent inspection to ensure they meet livability, safety, and repair standards.
- Maximum purchase price limits:
- Existing home price: $155,000
- New construction: $238,000
Income Limits Income limits are calculated based on household size and are set at 80% of the area’s median income. Here are the income limits for various household sizes:
- 1-person household: $40,700
- 2-person household: $46,500
- 3-person household: $52,300
- 4-person household: $58,100
- 5-person household: $62,750
- 6-person household: $67,400
- 7-person household: $72,050
- 8-person household: $76,700
The Richland County Homeownership Assistance Program aims to empower residents to achieve their dreams of homeownership while ensuring the sustainability of their investments and the vitality of the local community.
