Multifamily Tax-Exempt Bond Financing

State and local governments sell tax-exempt Housing Bonds, commonly known as Multifamily Housing Bonds, and use the money to finance construction of apartments that are affordable to lower income families. SC Housing's Multifamily Tax-Exempt Bond Financing Program provides permanent real estate financing for property being developed for multifamily rental use. Development teams should have sufficient experience in multifamily rental housing designed for use by low to moderate income tenants to assure the successful completion and operation of the development.

SC Housing is closely monitoring developments concerning the Coronavirus Disease 2019 (COVID-19) in our state and considers the health, safety, and well-being of our staff, customers, and partners to be our highest priority. We join forces with Governor Henry McMaster, health officials, and others in our state in proactively addressing this public health risk to our citizens.

We are implementing the recommended Center for Disease and Control (CDC) precautionary measures to promote social distancing and limiting our staff travel and participation in external events to mission-critical activities. We are confident that these actions will allow us to continue essential business functions in a manner that safeguards the health interests of everyone concerned. We also have contingencies in place for critical staff to work remotely in the event of an office closure.

SC Housing’s bond program remains closed with the exception of the application cycle that closed on September 11, 2020. Due to the increased interest in the tax-exempt bond program with the availability of state tax credits in addition to 4% credits, SC Housing is re-evaluating its current bond program. We anticipate re-opening the bond program in the 1st quarter of 2021.

Application DeadlineBoard Meeting Date
November 29, 2019 January 15, 2020
No meeting scheduled for February
January 31, 2020 March 18, 2020
No meeting scheduled for April
April 3, 2020 - Closed May 20, 2020
May 1, 2020 - Closed June 17, 2020
No meeting scheduled for July
July 2, 2020 - Closed August 19, 2020
July 31, 2020 - Closed September 16, 2020
September 11, 2020 October 21, 2020
October 2, 2020 - Closed November 18, 2020
No meeting scheduled for December

Applications must be received by 5 p.m. on the deadline date to be eligible for consideration at the specified month’s meeting. Any submissions received after that time will not be eligible for consideration until the following month’s meeting. If the submitted application is considered incomplete or is determined to have underwriting issues, all missing documents and underwriting issues must be resolved not later than two (2) weeks before the scheduled Board meeting or the application will not be presented to the Board.

Eligible applications will be reviewed at the scheduled board meeting. Please refer to the board meeting schedule for more information.

SC Housing reserves the right to require additional time to review and evaluate applications received for pooled deals or multiple applications from a single developer.

Questions regarding the Multifamily Tax-Exempt Bond Financing Program can be submitted via email to taxcreditquestions@schousing.com.