South Carolina Community Loan Fund awarded $50M in New Market Tax Credits, one of three awardees in the state
October 3, 2023
The South Carolina Community Loan Fund (SCCLF) announced its award of $50 million in New Market Tax Credit (NMTC) allocations from the U.S. Department of Treasury CDFI Fund. SCCLF was one of three Community Development Entities (CDEs) in South Carolina to receive this funding. This substantial allocation marks the largest funding received by SCCLF to date, bringing total allocations to $85M since 2019.
NMTC is a federal tax incentive program in the United States designed to encourage private investment in low-income communities and economically distressed areas. The program was created to stimulate economic development, create jobs, and improve access to essential services in underserved neighborhoods.
For the CY2022 NMTC Program Award allocation, 197 Community Development Entities (CDEs) vied for allocations, collectively requesting approximately $14.8 billion. The CDFI Fund ultimately awarded a total of $5 billion.
Since their first allocation, SCCLF has joined hands with other community development entities to channel NMTCs into several significant community projects. These include the TK Gregg Community Center in Northside Spartanburg, the International African American Museum in Charleston, the Fairfield County Government Complex in Winnsboro, and others.
SCCLF’s dedication to community development and this substantial NMTC allocation showcase their commitment to making a positive impact on South Carolina communities.
South Carolina Community Loan Fund (“SCCLF”) is a mission-based lender and nonprofit loan fund that transforms and revitalizes communities throughout South Carolina. Established in 2004 as a local affordable housing trust fund (the first of its kind in the state), SCCLF has expanded over the years in both geographic scope and lending products and services. SCCLF is a certified community development financial institution (CDFI) that is tax exempt under Section 501(c)(3) of the Internal Revenue Code. The mission of CLF is to advance equitable access to capital to build assets and benefit communities and people most in need of economic opportunity. Its primary function is developing projects and activities designed to employ communities and stimulate economic activity, including small business development, entrepreneurial training, financial empowerment, affordable housing, and community revitalization.
