§ 31-3-530 — Management and operation of housing projects; profits unlawful.

South Carolina § 31-3-530

• Jurisdiction: South Carolina
• Title 31: HOUSING AND REDEVELOPMENT
• Ch. 3: HOUSING AUTHORITIES LAW

Text

It is hereby declared to be the policy of this State that each housing authority shall manage and operate its housing projects in an efficient manner so as to enable it to fix the rentals for dwelling accommodations at the lowest possible rates consistent with providing decent, safe and sanitary dwelling accommodations and that no housing authority shall construct or operate any such project for profit or as a source of revenue to the city. To this end an authority shall fix the rentals for dwellings in its projects at no higher rate than it shall find to be necessary in order to produce revenues which, together with all other available moneys, revenues, income and receipts of the authority from whatever sources derived, will be sufficient (a) to pay, as they become due, the principal and interest on the bonds of the authority, (b) to meet the cost of, and to provide for, maintaining and operating the projects, including the cost of any insurance, and the administrative expenses of the authority and (c) to create, during not less than the six years immediately succeeding its issuance of any bonds, a reserve sufficient to meet the largest principal and interest payments which will be due on such bonds in any one year thereafter and to maintain such reserve.

Legislative History

HISTORY: 1962 Code SECTION 36-134; 1952 Code SECTION 36-134; 1942 Code SECTION 5271-41; 1937 (40) 431.