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Multifamily Tax Exempt Bond Financing

Multifamily Tax Exempt Bond Financing

SC State Housing's Multifamily Tax Exempt Bond Financing Program provides permanent real estate financing for property being developed for multifamily rental use. The development team should have sufficient experience in multifamily rental housing designed for use by low to moderate income tenants to assure the successful completion and operation of the development.

Multifamily Tax Exempt Bond History (1999 – 2008)

Who are eligible Sponsors (Developers)?

  • For-profit Sponsors (Developers)  may be a general or limited partnership, corporation, or joint venture
  • Nonprofit Sponsors (Developers)
  • Individuals and families who are prospective tenants must apply directly to the participating apartment complex in their area.

Who are eligible Tax Exempt Bond Financing tenants?

  • Type "A" - Low to moderate income tenants
  • Type "B" - Median income families or persons eligible under income limits set by the State
  • Type "C" - Non-Qualified tenants may be admitted on a temporary basis during the initial rent up period.

Click below to view the Multifamily Tax Exempt Bond Financing Program Manual and Application.

Maximum Income & Gross Rent Limits

Currently, applications for Bond Projects are accepted prior to Authority Board meetings as listed below.  However, this schedule is subject to change:

Application Deadline: January 22, 2010
 - Board Meeting Month: February 16, 2010

Application Deadline: February 19, 2010
 - Board Meeting: March 16, 2010

Application Deadline: March 19, 2010
 - Board Meeting Month: April (possible telephonic meeting if required), 2010

Application Deadline: April 23, 2010
 - Board Meeting Month: May 18, 2010

Application Deadline: May 21, 2010
 - Board Meeting Month: June 15, 2010

Application Deadline: June 25, 2010
 - Board Meeting Month: July 20, 2010

Application Deadline: July 23, 2010
 - Board Meeting Month: August (possible telephonic meeting if required), 2010

Application Deadline: August 27, 2010
 - Board Meeting Month: September 21, 2010

Application Deadline: September 24, 2010
 - Board Meeting Month: October 20, 2010

Application Deadline: October 22, 2010
 - Board Meeting Month: November 16, 2010

No December Board Meeting

Applications must be complete and received by 5 p.m. on the submission date to be eligible for consideration at the specified month’s meeting.  Any submissions received after that time will not be eligible for consideration until the following month’s meeting.  The Authority reserves the right to require additional time in the event of pooled deals or multiple applications from a single developer.

Questions regarding the Multifamily Tax Exempt Bond Financing Program can be directed to Tracey Easton in the General Counsel Division at (803) 896-8771.