The South Carolina State Housing Finance and Development Authority recently amended its Low-Income Housing Tax Credit Assistance Program (TCAP) Implementation Plan in order to help move awardees and applicants toward construction.  The plan was amended as follows:



  • In the original TCAP plan, 2008 development owners receiving an award of TCAP funds had to begin construction within 30 days of receipt of a TCAP award and were allowed to request one 15 day extension to begin construction. The Authority amended the start of construction to within 60 days of receipt of a TCAP award and will allow development owners to request one 30 day extension to begin construction.
  • In the original TCAP plan, 2009 development owners receiving an award of TCAP funds had to begin construction within 60 days of receipt of a TCAP award and were allowed to request one 30 day extension to begin construction. The Authority amended the start of construction to within 90 days of receipt of a TCAP award.
  • In the original TCAP plan, development owners requesting TCAP funds had to meet the following requirements:

    • Have an executed and binding agreement for syndication.
    • Have an executed and binding construction loan agreement.
    • Have an executed and binding agreement for permanent financing.
    • Have building permits issued.
    • Have ownership of the property as evidenced by a warranty deed.
    • Have completed all environmental requirements through NEPA.




The amended plan only requires development owners to have an executed and binding agreement for syndication.  All others are point-related items.



  • The amended plan updates the TCAP application schedule as follows:

    • August 31 — TCAP awards will be announced for 2008 developments
    • August 31 — TCAP application cycle opens for 2009 tax credit recipients
    • September 9 — TCAP application cycle closes for 2009 tax credit recipients
    • October 9 — TCAP awards will be announced for 2009 developments
    • October 12 — Remaining TCAP funding application round open; first-come, first-served basis




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