Advocacy and Policy Change
Our 2020 policy platform reflects our commitment to advocating for policies that facilitate attracting or deploying capital in South Carolina communities.
SC Opportunity Zone Enhancement Act of 2020
The SC Opportunity Zone Enhancement Act would provide additional state tax incentives beyond the federal incentives offered to encourage increased investment in designated Opportunity Zones. The tax credits introduced by this bill focus on attracting private capital and incentivizing investment in projects that best serve low-income South Carolina communities by providing access to affordable housing, healthy food, and small businesses that create jobs and stimulate local economies. The bill would also establish a leadership task force for South Carolina’s Opportunity Zones to ensure more effective oversight of the Opportunity Zones program.
SC Community Development Tax Credit
We support the adoption of this credit, which provides up to $3 million annually in Community Development Tax Credits to South Carolina tax payers who invest in South Carolina’s rural and low-wealth communities. These investments are designed to increase economic opportunities to create jobs, small business opportunities, workforce housing, and improve the skills of South Carolina workers.
Workforce and Senior Affordable Housing Act
We support the passage of this bill, which would allow developers who qualify for federal Low Income Housing Tax Credits to also claim a state LIHTC. This bill would encourage the development of affordable housing for low- to moderate-income renters.
Community Reinvestment Act
SCCLF stands with the Opportunity Finance Network and the National Community Reinvestment Coalition to oppose the proposed changes to the CRA. As a CDFI who places a focus on lending to borrowers of color, we have seen firsthand the compounding harm done to communities who lack access to capital. A lack of opportunity to create generational wealth among communities of color only serves to widen the racial income and wealth gaps which are already widening at an alarming rate.
CDFI Fund Appropriations
We support the CDFI Coalition and Opportunity Finance Network's request for an appropriation of $304 million for CDFI Fund and a continuation of the CDFI Bond Guarantee Program with $500 million in guarantee authority and reduced restrictions/reporting requirement.
SCCLF staff has visited members of the SC delegation to discuss the importance of the CDFI Fund, and how dollars from this fund attract investment in SC communities.
NMTC Extension Act of 2019
This act would provide an indefinite extension of the New Markets Tax Credits, which are set to expire this year, and also increase the annual allocation level. SCCLF was a 2019 NMTC allocatee, and has deployed $20MM in credits to facilitate projects across South Carolina, and received a $15MM allocation in 2020.