Successful closing of TCM's 2019 Fund

January 14, 2020
Greenville, SC-based Tax Credit Marketplace, LLC (“TCM”) announces the successful closing of the 2019 SC Revitalization Tax Credit Fund, LLC (“2019 Fund”).
The 2019 Fund invested in 10 qualifying development projects in 7 different regions of South Carolina. The projects’ collective development costs exceeded $36 million, generating over $9 million in SC income tax credits. The 2019 Fund investors utilized these tax credits to reduce their SC tax liability. The 2019 Fund included projects from multiple asset classes, including retail, office, storage, multi-family and mixed use. In addition to state credit projects, TCM also invested in Federal Historic credit projects in 2019.
“TCM has dozens of projects under review for its 2020 and 2021 funds and is currently seeking additional qualifying projects statewide in which to invest,” according to Josh Workman, Chief Operating Officer and Fund Manager for TCM. “Based on steady investor demand, recent and foreseeable tax law changes and development momentum, we anticipate 2020 and future funds to be significantly larger,” says Workman.
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, and form the “sense of place” that has become such an important factor in deciding where we live, work and play. South Carolina, through this legislation, is effectively underwriting the rebirth and redevelopment of its cities and towns. According to Workman, "nearly 40% of our Funds' investments to date have Main Street addresses".
Developers and property owners understand that they can create a competitive advantage by properly utilizing the SC Revitalization Acts (“Acts”) and Federal Rehabilitation Tax Credits to attract additional capital for their projects. These projects often generate more Tax Credits than a developer or property owner can personally utilize. TCM is able to offer developers/property owners the opportunity to monetize these excess Tax Credits, resulting in additional project cash flow that would otherwise be missed. "We help developers navigate the rules and the marketplace to bring the most benefit to their projects” Workman added.