At the October 21, 2008 meeting of the Board of Commissioners of the South Carolina State Housing Finance and Development Authority, the Authority's staff received approval to extend the deadline for the return of 2008 Low Income Housing Tax Credit ("LIHTC") allocations from November 17, 2008 to July 1, 2009. In recommending the extension, the Authority's staff cited continuing turmoil in the LIHTC market and a general lack of buyers for the credits. As a result of this extension, recipients of 2008 LIHTC allocations will have until July 1, 2009 to return their credits to the Authority without penalty (i.e., debarment). The staff recommended this new date because it would still allow them time to allocate any unused credits in the 2009 allocation cycle.

If you have any questions about this alert, please contact a member of Parker Poe's public finance housing team.

Ray Jones
803.253.8917
rayjones@parkerpoe.com