Affordable Housing in South Carolina
With the cost of rent on the rise across the country – including here in South Carolina – the need for affordable housing for low-income households has never been greater. Standard low-income housing programs like Section 8 typically have long waitlists because resources aren’t available to meet the demand – not to mention many at-risk individuals and families need affordable housing but don’t necessarily qualify for Section 8. Thankfully, the LIHTC is enabling the creation of more affordable housing options for many households in South Carolina who need it most.
Living in South Carolina
Known for its mild climate, low cost of living, tasty barbecue, shag dancing, sandy beaches, and championship golf, South Carolina is not only one of the largest tourist attractions along the eastern seaboard, but it’s also a great place to live. Between the scenic barrier islands and salt marshes of the coastal plain to the fast-growing urban centers of the Upper Piedmont, to the scenic Blue Ridge Mountains, there’s something here for everyone to enjoy.
In the center of the state lies Columbia, the state capital and second-largest city, known as center for healthcare, commerce, and military. Much of the tourism centers around the coastline, with destinations like Myrtle Beach and Charleston (the state’s largest city) seeing huge numbers of visitors each year. However, the Upstate region in the northwest corner of the state has seen a huge population surge over the past years, to the point that the Greenville metropolitan area now contains the largest combined population in the state – about 1.5 million people.
Olympia Management is pleased to offer affordable housing options in the following cities in South Carolina:
- Lake City, SC. Located about midway between Columbia and Myrtle Beach, the town of Lake City is home to about 6600 people, known for its lovely historic district as well as being a hub for artists and creatives.
- Seneca, SC. Situated along banks of scenic Lake Keowee in the foothills of the Blue Ridge Mountains, this lovely town of 8100 people affords natural beauty and small town charm in the northwesternmost corner of the state.
- Anderson, SC. As part of the rapidly growing Greenwood metropolitan area, this bustling community is not only brimming with opportunity – it’s also been dubbed the “Friendliest City in South Carolina.”
South Carolina and the LIHTC
First established in 1986, the Low Income Housing Tax Credit (LIHTC) is a federal program (also known as Section 42 housing) that incentivizes residential property developers and owners to designate some or all of their housing units as affordable housing. In return for doing so, these developers can claim a generous tax credit which can be used as a dollar-for-dollar reduction on their federal taxes. Over its 35-year history, the LIHTC has funded thousands of new construction and rehabilitated affordable housing developments across the country — including the great state of South Carolina.
The tax credits offered by the LIHTC are allocated to state housing authorities, which in turn award those credits to housing developments that meet the criteria. In South Carolina, the LIHTC is administered by South Carolina Housing.
About Olympia Management, Inc.
Olympia Management, Inc. was established in 2014 as the management company for Olympia Construction, Inc. (OCI), an owner/developer of multi-family and elderly affordable housing complexes. While currently headquartered in Albertville, Alabama, Olympia Management currently manages hundreds of affordable housing properties across the southeastern United States.
See below to learn more about our affordable housing options in South Carolina. To learn more about Olympia Management or to inquire about availability in your area, contact us today.