An amendment to S.C House Bill 3998 which became law last May 14, 2020 will cost the State of S.C. as much as as $5.1 billion through the year 2039.
And just where will those $5.1 billion in tax credit monies go?
Bradley Housing Developers of Myrtle Beach and it’s subsidiary Progress Carolina, LLC are among just two huge recipients among others. Bradley Housing Developers and Progressive Carolina are headed by Brad Queener.
From the Bradley Development website:
Bradley Development is a real estate development & consulting firm. We focus on creating quality affordable housing for communities, striving to do so with the largest ROI possible for our investors. We achieve this through strict adherence to the discipline of due diligence, consistent management practices & partnerships we’ve spent years cultivating.
PRESIDENT & CEO
THE $5.1 BILLION FINANCIAL BOTTOMLESS PIT OF A LAW WRITTEN LAST SPRING BY CLEMMONS AND COMPANY
AN ACT TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, TO ENACT THE “WORKFORCE AND SENIOR AFFORDABLE HOUSING ACT” BY ADDING SECTION 12-6-3795 SO AS TO ALLOW A TAXPAYER ELIGIBLE FOR THE FEDERAL HOUSING TAX CREDIT TO CLAIM A SOUTH CAROLINA HOUSING TAX CREDIT.
The Key Sponsors of this new law were Representative Alan Clemmons of Myrtle Beach (Also a Real Estate Attorney), Representative…