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From YouTube: Town of Bluffton - Affordable Housing Committee Meeting Thursday, April 13, 2023 at 10:00 AM
Description
Town of Bluffton - Affordable Housing Committee Meeting Thursday, April 13, 2023 at 10:00 AM
To view meeting agendas visit: https://bluffton-sc.municodemeetings.com/
C
A
B
And
giving
us
her
reports
all
right
good
morning
again
and
welcome
you
all
to
the
middle
of
April.
Already
all
right
on
your
screen,
the
adopted
budget
for
the
fiscal
year,
23
neighborhood
assistance
program
was
190
000.
An
additional
20
000
was
placed
in
the
account
on
January
10
2023,
to
make
an
admitted
budget
of
210
000.
during
the
March
14
2023
Town
council
meeting
Council
approved
an
additional
100
000
to
be
added
to
the
neighborhood
assistance
program
budget,
which
brought
the
overall
fund
balance
to
a
total
of
three
hundred
and
ten
thousand
dollars.
B
B
B
B
Waiting
for
repair
estimates
and
repairs
have
begun
on
six
homes
so
to
go
over
that.
Sixth,
the
sixth
waiting
for
repair
estimates
had
already
been
approved,
so
Kevin
has
already
approved
those
and
those
things
are
being
repaired
that
now
are
already
scheduled,
so
the
six
there
their
budget
is
already
in.
So
we're
not
going
to
account
for
the
sixth
remaining.
F
D
C
E
C
E
B
C
B
Because
this
was
discussed
at
the
Town
council
meeting
on
Tuesday,
but
April
20
23
marks
the
55th
anniversary
of
the
signing
title
of
the
1968
civil
rights
act
as
amended,
which
guarantees
fair
housing
opportunities
for
all
Americans
and
resolution
will
be
presented
or
was
presented
at
the
April
11th
2023
town
of
Bluffton
Town
council
meeting
declaring
April
at
its
fair
housing
month
in
atomic
London.
This
act
is
to
confirm
the
continued
dedication.
B
B
Some
of
the
records
make
James
has
joined
us
good
morning,
so
I
spoke
with
well,
not
spoke
with,
but
Matt
Lau
of
loud
construction
who
was
working
on
our
1095
May
River
Road
has
an
email
back
and
forth.
I
just
wanted
to
give
you
guys
a
quick
update
on
that.
This
email
came
through
on
April
3rd
Matt
and
Amanda
met.
B
Amanda
is
from
here
Scott
and
they
met,
and
they
went
over
a
review
of
the
draft
floor
plan
for
our
May
River
1095.,
not
too
much
information,
but
they
are
allowing
for
three
buildings
consisting
of
four
units
each
for
a
project
total
of
12..
So
our
main
river
295
project
will
consist
of
12
Town
rooms.
B
They
are
planning
for
the
N
units
to
be
three
bedroom
units
and
the
interior
units
will
be
a
mix
of
two
bedroom
and
three
bedroom
units,
not
a
lot
of
information,
but
that's
a
big
step
for
us.
So
I
just
wanted
to
share
that
all
with
you
and
I
can
copy
and
paste
that
email
to
you.
So
you
can
have
it
for
your
record,
so
you'll
know
the
total
count
in
the
bedroom.
Signs
of
those
12.
and
that
came
from
Matt
okay
I
also
did
a
little
bit
of
research.
B
So
that
is
going
to
be
different
sizes
for
our
affordability,
new
Riverside,
yes,
and
the
address
is
205
Forest
Trace,
that's
approximately
Publix
on
that
Circle,
okay,
so
I
did
some
research
and
what
I
looked
at
was
fair
market
rate
I
reached
out
to
them
to
see
if
they
can
give
us
the
actual
affordability
rate,
but
they
haven't
had
that
calculated
out.
Yet
these
apartments
will
be
done
at
the
end
of
May.
So
you
know
they're
working
fast,
so
we'll
be
able
to
put
10
affordability
units
in
there,
but.
B
B
B
B
Has
to
be
fighting
with
right
now,
but
again
that
is
not
affordability
rates
when
I
get
that
I
will
let
you
know
where
they
are
putting
five
minutes
at
60
am
I
and
five
units
at
80
Ami,
and
these
will
be
open.
The
end
of
May,
okay,
so
I'll
come
back
with
some
more
info
once
I.
Get
that
clarification
of
what
those
numbers
will
be
any
questions
that
well.
A
A
C
D
G
Many
units
we're
going
to
do
at
this
breakdown
and
in
addition
to
that,
you
have
to
build
those
first,
so
you
know
you
kind
of
can't
get
the
can
down
the
road
so
to
speak.
So
I
think
that
was
great
for
Council
and
the
developer.
To
put
all
that
in
place.
So
we'll
see
I'm
guessing
those
units
will
be
a
lot
cheaper
than
1600
I
sure
hope.
So.
E
E
H
I've
been
working
with
her
since
our
last
meeting
and
I've
got
to
tell
you
we
did
look
for
other
apartments
or
I
did
she?
Is
it's
cheaper
for
her
to
own
a
home,
so
we
are
working
with
USDA
and
and
other
avenues
to
get
her
at
home.
I
mean
it
is
almost
500
a
month
less
to
own
her
own
home,
but
where
Sun.
F
H
H
E
You
know
and
thank
you
thank
you
Grace
for
doing
that.
Her
story,
stuck
with
me
obviously,
and
learned
about
these
algorithms,
makes
me
nauseous,
but
regardless
I
was
going
to
say
that
if
she,
if
things
don't
work
out,
Mr
mate
who's,
the
owner
of
his
these
apartments,
he
kind
of
did
he
did
us.
He
worked
with
us
to
give
us
those
10
units
he
didn't
really
have
to
at
the
time,
and
he
wanted
to
do
more,
affordable
housing
units,
possibly
in
the
future.
E
I
B
D
B
Of
the
rental
rates
in
South
Carolina
in
order
to
survive
and
you're
going
to
be
a
renter.
If
you
can
see
the
hours
here
that
you
would
need
to
work
at
that
725
minimum
wage,
you
literally
just
barely
making
it
and
and
the
way
that
the
rental
numbers
are
going
up
is
just
you
know,
so,
I'm
glad
that
we
are
working
on
our
neighborhood
1095
and
I'm
glad
that
we
are
have
those
affordability,
critical
units
going
into
Apartments,
because
the
way
this
is
working
I
think
we're
going
the
right
direction.
B
B
D
B
G
C
B
We're
pushing
it
this
is
yesterday
online
and
let
them
know
that
I
would
be
including
it
into
our
meeting
and
then,
with
the
conversation
that
we
just
had.
You
know,
I
think
it
fits
so
I'll
send
it
back
to
you
sue
you
if
you
would
like
it,
but
it's
just
kind
of
a
breakdown
of
what
we
are
right.
Any
questions
comments.
C
H
H
H
C
B
D
So
I
was
here
a
couple
months
ago
and
shared
with
you.
Some
information
about
our
affordable
housing
alone
program
called
our
buyer's,
Advantage
Loan
program,
I'm
here
today,
just
listening
to
the
agenda
this
morning,
because
I'm
going
to
give
some
examples.
Dan
Hewitt
asked
a
couple
questions
asking
if
I
can
come
up
with
some
scenarios
as
to
if
we
have
a
particular
client,
that's
looking
to
buy
in
Bluffton
making
80
of
the
area
median
income,
how
much
could
they
afford
in
Bluffton.
D
Just
a
little
bit
about
South
State
Bank,
we
have
over
240
locations
within
six
states,
44
billion
in
assets,
5
000
employees,
36
billion
in
deposits
over
a
million
customers
and
then
30
billion
in
loans,
so
we're
very
Diversified
Bank,
very
healthy,
we're
over
six
states,
so
Virginia
North,
Carolina,
South,
Carolina,
Georgia,
Florida
and
Alabama,
but
let's
get
into
the
meat
of
everything.
So
this
is
our
buyer's,
Advantage
portfolio
loan.
Again,
to
recap:
it's
a
30-year
fixed
product.
D
D
They
have
to
have
one
month
of
reserves,
meaning
one
month
of
payment,
so
the
principal
interest,
taxes
insurance-
they
have
to
have
one
month
of
reserves
and
an
account
that
we
can
verify
and
the
property
locations
and
or
limit
income
limits
apply
and
I'll
get
into
that
in
the
next
couple
of
screens,
so
to
qualify
for
the
buyer's
advantaged
portfully
alone.
One
of
the
following
must
be
true
to
qualify
so
one
the
property
must
be
located
in
a
lower
moderate
income
census
tract
to
the
property
location.
D
I
D
D
That
property,
if
it's
in
a
low
to
Modern
income
census
track
or
if
it's
in
a
higher
minority
census
track
and
also
to
identify
the
80
area,
medians
so,
for
example,
I
just
plugged
in
a
property
in
Bluffton
Park,
because
I
know
it's
in
the
town
limits
and
I
just
wanted
to
kind
of.
Let
you
know
what
I
look
for
so
I
plugged
into
property
in
London,
Park
and
I
highlighted
the
track
income.
So,
as
you
can
see,
this
particular
property
is
in
a
middle
track.
D
The
area
median
is
94.6,
that's
at
100,
so
we
would
take
80
of
that
and
then
the
track
minorities
at
49.73.
So
if
I
were
to
look
at
this
property
and
I
have
a
client
interested
in
purchasing
this
property,
it's
not
in
a
low
to
Modern
and
consensus
track,
and
it's
not
in
a
high
minority
census.
Try
and
that
is
all
of
Bluffton.
D
D
D
D
D
H
D
C
D
E
C
E
D
The
application
right
based
on
the
application,
so,
if
why
you
can
qualify
with
just
her
income
at
75
000.,
if
I
can
qualified
her,
then
that's
how
we'll
qualify
for
this
loan
program,
even
if
husband's,
making
an
additional
fifty
thousand
so
we're
only
looking
at
based
on
the
application.
We're
not
looking
at
the
household
income
like
USDA,
looks
at.
C
C
I
D
You
know,
FHA
is
minimum,
it's
580
conventional
is
620,
so
it
I
mean
it
we'll
get
into
some
slides
here
and
I'll.
Give
some
examples
on
a
scenario
with
a
client
that
has
some
debt
versus
no
debt,
what
they
would
qualify
for
in
Bluffton,
because
I
know
that's
what
you
were
wanting,
but
yeah
I
mean
they
have
to
have
credit
report.
They
have
to
have
a
minimum
640
credit
scores.
We
are
we're
we're
lending
100
with
no
mortgage
insurance.
So
it
is.
You
know,
of
course,.
D
D
A
loan
officer
and
qualifying
a
client,
you
know,
I,
look
at
their
current
debts
and
then
I
look
at
their
current
monthly
qualified
income,
some
examples
of
debts.
You
know:
car
loans,
credit
cards,
student
loans,
personal
installment,
loans,
alimony,
child
support
or
any
liens
or
judgment
or
on
payment
plans.
So
those.
A
D
Some
debts
that
I'm
currently
looking
at
on
a
credit
report
and
then
I'm
also
looking
at
what
their
qualified
income
is,
so
their
salary,
their
pension,
their
social
security
disability
over
time
commissions,
bonus,
Etc,
so
first
scenario,
so
I
wanted
to
give
a
scenario
with
a
client
in
Bluffton
that
is
making
75
000
a
year.
Everything
that
we,
when
we
qualify
when
we
look
at
monthly.
So
we
take
75
000
divided
by
12
months.
It's
6
250
dollars
and
if
you,
the
maximum
debt
to
income,
ratio
on
this
program
is
43.
A
D
First,
perfect
world
scenario:
the
client
that
I'm
meeting
today
has
no
debt
only
the
proposed
mortgage
so,
for
example,
on
a
30-year
fixed
today's
rates
at
6.25.
That
is
of
course,
subject
to
change,
but
today
the
rate
is
6.25.
So
if
a
client
comes
to
me
and
they're
interested
in
purchasing
360
000
purchase
price
borrowing,
360
000
at
6.25,
the
monthly
principle
and
interest
payment
would
be
two
thousand
two
Seventeen
estimated
taxes,
200
estimated
homeowners
insurance,
150
and
then
estimated
HOA
due
to
the
hundred
dollars.
So
that's
a
total
monthly
payment
of
2
667
again.
D
C
D
D
So
let's
say
the
client
does
have
this
current
debt
load
in
this
specific
scenario,
they're
looking
at
around
a
300
000
loan
for
somebody
that
makes
75
000.
I
know
these
are
taxes
based
on
town
of
Bluffton
and
a
homeowners
insurance
estimate,
which
is
pretty
reasonable.
The
HOA
dues,
of
course
varies.
C
D
It's
really
hard
to
tell
you
know
it's
all
going
to
be
based
on
the
client's
debt
load.
You
know
so
if
they
have
more
debt,
unless
I
can
qualify
in
a
mortgage,
if
they
have
no
debt
at
all,
I
can
qualify
more
on
a
mortgage.
So,
let's
give
another
scenario
for
a
client:
that's
making
60
000
a
year,
that's
5
000
a
month
times,
43,
that's
21.50
is
in
the
total
maximum
monthly
debt,
again
perfect
scenario
we're
at
280
000.
This
is
for
a
client
that
has
no
debt.
D
I
H
A
D
D
Come
because
these
clients
that
are
looking
to
you
know
have
their
first
time
buying
their
first
home
as
a
person
home
buyer.
You
need
to
understand,
you
know
how
negative
that
is,
and
when
they're,
when,
when
going
to
buy
a
new
home
mortgage,
real
quick,
just
I
wanted
to
speak
on.
If
you
have
a
client
that
is,
you
know,
purchasing
a
home,
the.
B
D
Can
pay
for
the
closing
costs
up
to
six
percent
out
of
the
purchase
price,
so
I've
had
clients
that
hadn't
had
didn't
have
to
come
out
of
pocket
at
all.
They
just
had
to
have
one
month,
reserves
two
thousand
dollars
in
an
account
and
they
didn't
have
to
put
anything
down.
They
didn't
have
to
pay
closing
costs
because
the
sellers
were
willing
to
pay
the
closing
fees.
So
in
a
perfect
scenario,
they
just
had
to
have
2
000
in
reserves.
D
H
H
B
A
I
I
C
A
F
F
C
E
E
Their
employer
saying
I
was
safe
for
five
years.
When
they
did
they
forgave
me
debt,
Fred
and
I
I
guess
it
was
last
year
and
I,
don't
know
where
they've
gone
with
this.
They
they
met
with
the
Community
Foundation
of
the
Lowcountry,
and
they
were
going
to
raise
15
million
dollars
to
try
to
purchase
housing
or
employees
of
theirs
to
live
in
where
they're
never
going
to
run
them
or
sell
them.
I
think
probably
I,
don't
know
what
they're
going
to
do.
E
Do
you
know
whether
it's
going
to
be
a
rental
or
so
anyway,
where
I
guess
I'm
trying
to
go
with
this
win?
Is
it's
worth
us
trying
to
strategize
to
try
to
come
up
with
a
method
that
maybe
some
people
could
come
up
with
some
greater
down
payment
assistance?
They
may
have
to
sign
a
contract,
but
then,
if
maybe
an
employer
or
some
employers
may
be
willing
to
do,
it
is
what
I'm
getting
at
now.
20
000
is
a
large
number
and
I
don't
know
we
can
overcome
that
or
not.
But
you
know.
I
I
I
D
A
D
D
D
H
I'm
not
a
concerned
just
just
an
observation.
Last
month,
Meredith
and
I
attended
the
Hilton
Head
Realtors
association,
luncheon
and
Hilton
Head
itself
is
has
taken
a
page
out
of
our
book
and
they
are
with
their
affordable,
housing
and
they're,
going
to
enhance
the
land
right
as
you
get
on
the
island,
I
think
around
square
foot
or
something
like
that
that
they're
going
the
town
owns
that
they're
going
to
be
building,
guess
what
multiple
units,
multiple
family
units
and
I
I
thought
about
that.
Just
now,
it's
like
oh
yeah.