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.
At the direction of the Joint Bond Review Committee, SC Housing is working with the staff of the committee and the State Fiscal Accountability Authority to address certain projects pending on December 31, 2021, that had not received requisite approvals required for inclusion in the one-time allocation of state tax credits pursuant to Section 1.B.1 of Act 202 of 2022. SC Housing expects to submit plans to address these projects, together with plans for administration of state housing tax credits and allocation of state ceiling, for review by the committee.
SC Housing will post more information regarding a timeline for new applications once further guidance is received from Government Officials. We will continue to provide updates as information transpires.
Questions regarding the Multifamily Tax-Exempt Bond Financing Program can be submitted via email to TaxExemptBondProgram@schousing.com.