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Article Archives: South Carolina
Investment Fund Helping to Rehabilitate Foreclosed Properties in South Carolina
SCIF will provide flexible capital that can be used by certified community development corporations and community development financial institutions to acquire and rehabilitate foreclosed properties in targeted communities. According to the fund offering, SCIF is seeking to raise capital to fund up to 10 community economic development ventures. Under the proposal, investors in SCIF would receive a 33 percent credit (using the South Carolina Community Development Tax Credit program) against their state tax liability and interest on their investment while supporting neighborhood stabilization efforts in the state.
To learn more about the Silver Crescent Investment Fund, e-mail Bernie Mazyck, President and Chief Executive Officer of SCACDC, or call (803) 579-9855.
Supporting Affordable Housing through Tax Credit Syndication
As a tax credit syndicator, CAHEC structures equity funds using investors' capital. CAHEC's most recent fund is the South Carolina Preservation Fund II LP (SCPF II). SCPF II is a $32 million equity fund designed to preserve and renovate a portfolio of older, multifamily housing properties in South Carolina. The targeted portfolio includes 41 properties with a total of 1,548 units. Although all investments in SCPF II were fully subscribed in 2008, banks can invest in other CAHEC equity funds as they are developed. To learn more, visit their Web site or e-mail Dana Boole or call (919) 788-1803.
Tax Credits Stimulates Economic Development
For more information, contact the South Carolina Department of Commerce (www.callsouthcarolina.com).