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Johns Island affordable housing complex $2M short as state tightens belt on tax credits
“Among other changes, it stated that the amount of tax credits that an individual project receives is based on whatever the anticipated cost of the project is when it is first proposed, not when it breaks ground. If, after going through months to years of approval processes, the estimated total cost of the project goes up, the amount of tax credits allocated to the project when construction begins will not increase. That’s what caused the funding gap for the Johns Island complex, developer of the project Raymond Nix said.”