COLUMBIA, S.C. — More affordable housing could be on its way to Columbia. The city’s community development committee discussed options throughout the city this past week.
“There are a lot of residential lots that are vacant that have either been owned by the city or have been owned by corporations for some time,” Columbia Assistant City Manager Missy Gentry said.
Gentry said it’s time for something to be done with the several vacant lots around the city.
“We have, in the last year, had lots of conversations - actually prior to that, even, but last year specifically - about how to create new affordable housing homes on those lots,” Gentry said.
This is through a city loan program based on income and credit score.
If this plan comes to fruition, there are a few things that the city will need for people to get one of these affordable homes.
“It is gonna be very critical that the city’s affordable home loan program remain intact because, in order to make these homes available, we’re gonna need that resource,” Gentry said.
According to the city’s website, there is a minimum score of 640 and a maximum income based on the number of people in the household.
“Our partner lender holds 80% of the loan and we hold 20% to keep it a conventional loan with no PMI, which helps with the mortgage cost being more affordable," a Columbia Housing employee said.
The city is working collaboratively to ensure that new affordable homes can be built. The city added that this will be a team effort with corporations as many properties are owned by companies.