H4693

South Carolina H4693 proposes an alternative low-income housing tax credit for preserving existing buildings and housing resources.

South Carolina H4693 amends the state code to introduce an alternative low-income housing tax credit. This credit, equal to ten percent of the federal low-income housing tax credit, is available for preserving existing buildings and housing resources to provide low-income housing. It can only be awarded by a small public housing agency if federal funds exist to cover the credit's cost. The Department of Housing and Urban Development will coordinate with the South Carolina State Housing Finance and Development Authority to implement this provision.