SJR739 grants a one-time approval for South Carolina Housing Tax Credits, not to exceed $29,806,029. This amount comprises $12,889,152 from a prior authorization and $16,916,877 for the tax year ending December 31, 2023. Additionally, the resolution permits a non-recurring allocation of up to $25,000,000 from the unassigned balance in the South Carolina Housing Trust Fund. The State Housing Finance and Development Authority (SC Housing) is tasked with devising a plan to provide this funding as supplementary financial aid for specific multifamily housing projects.
The South Carolina State House of Representatives passed SJR739 on May 10, 2023 by a vote of 84 to 26. We have assigned pluses to the nays because this is government interfering in the free market, and this government subsidized housing benefits only a specific part of the population. This is also another step towards socialism as subsidized housing is a misuse of taxpayer dollars.