Standard Communities has led a public-private partnership to acquire Osprey Place Apartments in North Charleston, SC, the company said in an announcement. The company said this deal brings Standard’s affordable portfolio in the Charleston area to more than 500 units.
FTK Construction Services, LLC, (FTK) a full-service nationwide general contractor specializing in LowIncome Housing Tax Credit (LIHTC) rehabilitation projects, announced a contract award for the rehabilitation of Bridgeview Village Apartments in Charleston, SC. The company said the amount of the contract award is approximately $19 million.
The South Carolina Department of Revenue released a revenue ruling to provide guidance for the State LIHTC, which was enacted in May 2020. Revenue Ruling 21-5 provides an overview of the Federal and State LIHTC. The revenue ruling provides questions and answers on such issues as what constitutes a qualified project, information about an eligibility […]
Standard Communities announced the acquisition of Canebreak Apartments, an affordable apartment community in Summerville, SC. The 120-unit community will undergo an extensive renovation in the coming months, which will be completed without displacing residents.
South Carolina enacted the Workforce and Senior Affordable Housing Act when House Bill 3998 was signed into law by Governor Henry McMaster (R) on May 14, 2020. The legislation allows for the allocation of state credits matching the federal credit allocation on both nine and four percent deals for deals placed in service between January […]
On November 20, 2019 Legislation introduced in the South Carolina Legislature that would create a state low-income housing tax credit (LIHTC) for properties in opportunity zones. Analysis of the legislation by Novogradac & Company finds that the measure “would create a 25 percent tax credit for investment in the state’s OZs and add OZs to other state incentive programs.
HUD awarded nearly $1.5 billion to support seven states in their recovery from 2018 disasters, including Hurricane Michael, Hurricane Florence and wildfires in California.
On Thursday, Feb. 21, Vice President Mike Pence toured an opportunity zone in Columbia, South Carolina with Senator Tim Scott (R-SC). Vice President Pence delivered remarks at the Meeting Place Church which oversees a 23-acre, 215,000 square foot ministry complex which includes a full-service banquet and conference center, a renal care facility, professional counseling services, […]
The South Carolina State Housing Finance and Development Authority has added a new requirement which only applies to Acquisition/Rehabilitation applications for Tax-Exempt Bond financing with non-competitive 4% tax credits.
The South Carolina State Housing Finance and Development Authority’s (SC Housing) Compliance Monitoring Department is hosting a workshop to provide an overview of compliance requirements for HOME and LIHTC/HOME developments.
In order to apply for funding through the Housing Trust Fund, a Non-Profit entity must be approved by SC Housing.
he Authority commissioned state-wide utility allowances have been completed and are now available for use on existing and future Tax Credit and HOME developments.