Low Income Housing Tax Credits & Preservation in South Carolina, 2015

South Carolina's 2015 Qualified Allocation Plan awards points for the preservation of existing affordable housing.

South Carolina’s 2015 QAP awards one point to the preservation of an existing development previously assisted with tax credits in which the initial 15 year compliance period has expired. The existing development must have been continuously operated throughout the initial 15 year compliance period without further financial assistance following the issuance of 8609s from the Authority to include additional tax credits, HOME or HTF funds or any debt restructuring. The development can have no outstanding compliance monitoring issues at the time of the application submission.

Additional points are available based on the current occupancy rate at development. ½ point for 85-89.999% occupied, 1 point for 90-94.999% occupied, and 1 ½ points for 95-100% occupied.

Rehabilitation developments consisting of 130 total units or more may not participate in the competitive 9% tax credit program. Rehabilitation developments having 89 to 104 units will receive 1 point, developments below 88 total units will receive 2 points.

Five points will be given to developments that voluntarily extend the thirty- year compliance period for an additional five- year term.

Contributed By: 
National Housing Trust

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