Tax Credit Marketplace’s 2022 Fund closes at $23 million

Tax Credit Marketplace (“TCM”), a firm that partners with real estate developers and investors to provide capital solutions and marketplace expertise, is pleased to announce the closing of the 2022 SC Revitalization Tax Credit Fund, LLC (the “2022 Fund”). The 2022 Fund invested in 19 qualifying development projects in 9 different regions of South Carolina, including Camden, Cheraw, Clemson, Columbia, Conway, Greenville, Laurens, Traveler’s Rest and Spartanburg. The 2022 Fund supported total rehabilitation investment of more than $115 million across the 19 projects. These projects generated over $23 million in SC income tax credits, a 76 percent increase over 2021. The 2022 Fund included projects that supported the preservation of historic structures, urban revitalization, affordable housing, and economic growth throughout South Carolina. In addition to the fund’s state abandoned building, historic and textile credit projects, TCM placed $1,000,000 in Federal Historic tax credits, $233,000 in Angel Investor credits, and was engaged by numerous developers for consultation on a variety of development projects.

Josh Workman, TCM’s Chief Operating Officer, commented, "We are thankful for the confidence of our investors and development partners and are excited to foster new relationships in the years to come."

Developers create a competitive advantage by properly utilizing the SC Revitalization Acts (“Acts”) and Federal Rehabilitation Tax Credits to attract additional capital for their projects. TCM fund’s offer these developers a platform to monetize these tax credits. "We help our development partners navigate the rules and the marketplace to bring the most benefit to their projects” says Workman. “The direct result is Fund investors use the tax credits to reduce their SC tax liability and earn an attractive return on their investment from monies that would otherwise be used to pay taxes.”

The South Carolina Acts encourage private investment to alleviate adverse real estate conditions such as abandoned and historic buildings, and former textile sites. The Acts also make it easier for developers and communities to enhance nearby property values, create local jobs, increase its tax base and form the “sense of place” that has become such an important factor in deciding where we live, work and play. “Approximately 75 percent of the fund’s investments were deployed in economically distressed areas bringing much needed capital and new life to older properties. South Carolina, through this legislation, is effectively underwriting the rebirth and redevelopment of its cities and towns” according to Workman.

“We continue to underwrite dozens of projects, with completion dates ranging from 2023 to 2025, and are seeking additional qualifying projects statewide in which to invest,” says Workman. “Multiple factors should lead to larger funds including consistent investor demand, numerous multi-phased Textile sites redevelopments underway, increased migration to South Carolina, and the extension of the Abandoned Building Act to December of 2025.”

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