Nathan’s News readers will recall last month I shared the news of 2 housing projects proposed for our area .
The Low Income Housing Tax Credit Program (LIHTC) is designed to provide an incentive to owners developing multifamily rental housing. Developments that may qualify for credits include new construction, acquisition with rehabilitation, rehabilitation and adaptive reuse. 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.
Today, I asked additional questions from the SC Housing Authority and was given these timeframes:
* Preliminary scores for each project should be posted mid-to-late June
* Awards are anticipated to be announced in mid-August
Of the 42 projects that applied, funding will only be available for 20 projects.
I appreciate your feedback here on the website, via email and particularly emails and letters sent to SC Housing.
As usual, I will keep everyone informed.