2019 QAP UPDATE
A primary focus of the Coaltion is to provide input to SC Housing regarding the QAP. We are very pleased that through the years many of our recommendations have been implemented to create a stronger QAP that enhances the creation of additional affordable housing units in the state.
During the process this year, an item has been included that was not discussed during the public hearing phase. This item is to drastically reduce deveopment experience points. The Coalition is very concerned that the adoption of this item will create significant problems for LIHTC development in the state.
Please join us in contacting SC Housing to let them know you share our concerns. You can email Laura Nicholson, Development Director, at Laura.Nicholson@schousing.com to share your concern.
Our points of discussion are:
-The LIHTC Program is extremely complex from application, to construction, to leasing, to management. Only experienced developers, along with their support services such as accounting, management and legal, have the expertise to successfully navigate these complexities and be able to complete developments in the required IRS time frame and adhere to all the regulations imposed on the program.
-Equity investors and lenders require developers to have experience. Inexperienced developers will have significant issues in securing funding that will delay the construction process and create undue stress for SCSHFDA in managing the developments.
-By removing the experience points, SCSHFDA will be lowering the standards of the program, rather than maintaining or improving those standards and creating a significant burden on SCSHFDA staff.
-Failure by a non-experienced developer will require a recapture of tax credits. This could negatively impact SCSHFDA by reducing the tax credit ceiling the following year due to the failure to utilize all the credits from the previous year.
-Experience points are not unique to South Carolina. Numerous states include significant experience points. These points were related to years of LIHTC experience and/or projects completed.
-Lowering the experience points is a significant change that was not communicated to the stake holders in a time frame that allowed for public comment and discussion.
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But in order to implment those changes, there will not be a Palmetto Affordable Housing Forum in 2019.
Watch for information on the
2020 Housing Vision
Enhancing Our Vision For Affordable Housing Opportunities
We greatly appreciate your continued support of the Palmetto Affordable Housing Forum--South Carolina's premier affordable housing event for almost three decades. We value your partnership and want to ensure that we offer an experience that remains relevant to your organization's interests and needs. We will spend 2019 exploring new topics surrounding housing affordability and identify relevant best practices.
We will return in 2020 with the new --better than ever --Forum.
The Affordable Housing Coalition of South Carolina is a policy and advocacy group dedicated to the creation, preservation and improvement of affordable/workforce housing for all South Carolinians. Founded in 1991 as a 501(c)(3) organization, we are the primary advocates for affordable housing for all South Carolina residents, providing a forum for communication, education, and action among our members to create and improve affordable housing for working families, special needs groups, and individuals. We are the only professional association in South Carolina representing ALL aspects of the affordable/workforce housing industry.