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 – 2012) updated 11-28-2012
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.
- Tax Exempt Bond Manual - 12/20/12
- HOME Funding Availability - 10/19/12
- 2013 Qualified Allocation Plan (QAP)
- Application
- Acknowledgements and Agreements
- Exhibit A - Initial Application
- Disclaimer - Not for 501(c)(3) Applicants
- Good Standing
- Bond Counsel Designation
- Investment Banker Designation
- Exhibit G
- Maximum Income for the State Beneficiary Class
- Non-Qualified Tenant Certification
- QAP Mandatory Design Certification
- Form 3 - Acquisition/Rehabilitation Proposals Only
- Exhibit K - Previous Participation Certification
- Exhibit P - Identity of Interest
- Exhibit R - Physical Needs Assessment Certification
- Progress Report
- Exhibit A - PIS
- Exhibit G - PIS
- Timeline
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: September 21, 2012
- Board Meeting Month: October 16, 2012
Application Deadline: October 19, 2012
- Board Meeting Month: November 13, 2012
Application Deadline: December 14, 2012
- Board Meeting Month: January 15, 2013
Application Deadline: January 18, 2013
- Board Meeting: February 19, 2013
Application Deadline: February 15, 2013
- Board Meeting: March 19, 2013
No April Board Meeting
Application Deadline: April 19, 2013
- Board Meeting Month: May 21, 2013
Application Deadline: May 17, 2013
- Board Meeting Month: June 18, 2013
No July Board Meeting
Application Deadline: July 19, 2013
- Board Meeting Month: August 20, 2013
Application Deadline: August 16, 2013
- Board Meeting Month: September 17, 2013
Application Deadline: September 13, 2013
- Board Meeting Month: October 15, 2013
Application Deadline: October 18, 2013
- Board Meeting Month: November 19, 2013
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 incomplete or 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.
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