BACKGROUND The Development Division oversees financing of housing construction, preservation, and rehabilitation activities for low-income households. The largest program is the Low-Income Housing Tax Credit (LIHTC), which comes in two varieties: Competitive “9 percent” credits, which are more valuable and attract intense interest from property developers, and the “4 percent” credits that are paired with the issuance of tax-exempt bonds. With the recent passage of H.3998, the Workforce and Senior Affordable Housing Act, there will now be a state-level companion to the federal credit. The division also awards funds from a variety of sources, including the South Carolina Housing Trust Fund (HTF) through the Small Rental Development Program, and uses HTF dollars to finance owner-occupied home repair activities and other specialized housing products.
fiscal years 2021-22 strategic plan I development - 7
Development
