LOCAL
Beaufort County Affordable Housing
A new Beaufort County down payment assistance program could help some low income, first-time homebuyers and bring Beaufort County Council closer to its goal of creating more affordable and workforce housing.
The program, which will be administered by Lowcountry Community Development Corporation, will provide a dollar-for-dollar match up to $4,000 of a buyer's own funds to fill funding gaps between the mortgage loan amount and other grant assistance and the sales price of the home, including closing costs.
The matching funds will be forgiven if the homebuyer continues to own and live in the home for five years; otherwise, a repayment provision will apply.
Recipients must meet the federal definition of a first-time homebuyer. For more information contact Lowcountry Community Development Corporation at (843) 681-4484.
In late September, Governor Mark Sanford issued a controversial executive order that alters how the S.C Workers' Compensation Commission determines payment amount on workers' claims. Sanford's order requires the commissioners to use a fixed formula for determining at least part of the payment to workers for permanent injuries. The order relies on guidelines promulgated by the American Medical Association (AMA). The South Carolina Chamber of Commerce says it could save businesses $72 million a year.
The S.C. Workers' Compensation Commission, whose authority was the focus of the executive order in a letter to the governor, outlined concerns about the legality and application of the order. The commission believes the order allows them to continue to consider each worker's circumstance in determining awards for lifelong injuries. The governor's office disagrees.
The disagreement has not been resolved.
Commissioners are appointed by the governor with the consent of the S.C. Senate for six-year terms, and Sanford nominated five of the current board members.
In March, Governor Mark Sanford and Georgia Governor Sonny Perdue agreed that the states should move forward on development of the port in Jasper County after years of legal squabbles between the S.C. State Ports Authority, Jasper County, and the Corp of Engineers for control to operate it.
Congress appropriates funds to study large infrastructure projects like ports, but the process can take many years, so $1 million set aside this spring by South Carolina and Georgia could jump start the report by the U.S. Army Corps of Engineers. South Carolina has appropriated $500,000.
The two-state task force has been working on the deal since April, sorting out issues such as how much each state will pay for permitting and who will operate the port. Approval from both states to begin the study with $1 million jointly appropriated is expected within the next two weeks.
After the governors of both states review the deal, the task force will ask for input from legislators and business leaders and then forward the document to the Georgia and South Carolina legislatures for approval.
National Flood Insurance Plan
The House of Representatives in September passed a bill to reform the National Flood Insurance Program (NFIP) by a vote of 263-146.
The bill covers:
· Increasing coverage limits to $335,000 for residential and $670,000 for commercial properties;
· Adding coverage for living expenses, business interruption, and basement improvements;
· Extending the NFIP for five years (until Sept. 30, 2013);
· Requiring notice of availability of flood insurance and escrow in RESPA GFE;
· Allowing for the purchase of wind insurance through the NFIP at "actuarial" (i.e., unsubsidized) rates;
· Providing direct funding of mitigation activities for individual repetitive loss properties;
· Extending pilot program for mitigation of severe repetitive loss properties;
· Requiring FEMA to map the 500-year floodplain as well as update 100-year maps, while ensuring that the 100-year flood maps are updated as expeditiously as possible;
· Raising the cap on annual premium increases to 15% from 10%; and
· Gradually phasing out subsidies for non-residential properties and non-primary residences beginning in 2011.
One key provision that has concerned local Hilton Head business leaders is the provision to phase out subsidies for second-home owners. To that end, the bill requires a study of the impact of phasing out subsidies within one year of enactment to ensure the real estate market is not negatively impacted. If significant impacts are found, Congress would have sufficient time to revisit the subsidy phase-out before it takes effect.
The NFIP must be reauthorized by September 30, 2008. The bill now moves to the Senate, where the Senate Banking Committee held hearings last week.
New Name for the Region's Economic Development Organization
The Greater Beaufort Hilton Head Economic Partnership's Board of Directors approved a new identity for the organization recently. After a strategic planning process, which involved community leaders from county and municipal governments, representatives from the education community, Partnership staff and Board members, the group decided to change their name to Lowcountry Economic Network and change their logo to one that highlights the lifestyle of Beaufort County and shows their connectivity throughout the area.
The strategic marketing plan positions the Lowcountry Economic Network as a fully connected resource for existing businesses and businesses coming to the region that accommodates and manages current and future economic prosperity while maintaining the Lowcountry's atmosphere and lifestyle. The Lowcountry Economic Network provides advocacy for the region from inside the area and on behalf of the region to the external world. The organization also benefits the end-user because it makes it far easier to relocate to Beaufort County when all of the resources are found under one roof. The value to the consumer is that they are free to build their business and live the way they want to live, without compromise.
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