The South Carolina State Housing Finance and Development Authority has published its draft implementation plan for the Tax Credit Assistance Program (TCAP). The proposed plan details program requirements, selection criteria and deadlines. Funds will be allocated based on the following priorities:
- Developers who can meet a February 16, 2012 completion date;
- Developments having the highest value per credit dollar of committed equity financing from a syndicator;
- Developments with an executed and binding construction loan agreement;
- Developments with an executed and binding agreement for permanent financing;
- Developers who have building permits issued;
- Developments that have no environmental issues and have been cleared through the National Environmental Policy Act;
- Developers who have taken ownership of the development site and have a recorded warranty deed;
- Developers who are familiar with and have previous experience in rehabilitating or constructing developments using federal funds (e.g. HOME, CDBG, etc.);
- Developers awarded credits in the 2008 tax credit funding cycle that can meet and submit a 10% expenditure test by August 3, 2009
