Monarch Private Capital, an investment firm that develops, finances, and manages a diversified portfolio of projects that generate federal and state tax credits, closed the financing on a low-income housing tax credit equity for a $24 million affordable housing development. Palmetto Towers is in Sumter, South Carolina.
In a state currently experiencing a shortage of over 82,000 affordable and available rental homes for extremely low-income renters, this project is expected to help satisfy some of the area’s critical housing needs. The Palmetto Towers project involves the rehabilitation of an existing 96-unit Section 202 rental home community, which is now available for seniors ages 62 and up earning at or below 60 percent of the Area Median Income. Read more.
