The South Carolina Legislature has passed House Bill 3998, the Workforce and Senior Affordable Housing Act, creating a state tax credit for qualified affordable housing developments.
The South Carolina State Housing Finance and Development Authority sees this as a significant step toward addressing the affordable housing crisis in South Carolina and providing safe, decent and affordable housing for all South Carolinians. Housing will begin allocating this tax credit in the 2020 application cycle.
Our mission is to create quality affordable housing opportunities for citizens of South Carolina.
The Housing Tax Credit Program (LIHTC) is designed to provide for-profit and nonprofit developers with an incentive to create and maintain affordable housing. This is the country’s most extensive affordable housing program.
Owners of and investors in qualifying developments can use the credit as a dollar-for-dollar reduction of federal income tax liability. Allocations of credits are used to leverage public, private and other funds in order to keep rents to tenants affordable.– SC Housing