New Market Tax Credits | Financing Hope and Safety with Safe Harbor

Date: July 9, 2024

The South Carolina Community Loan Fund was proud to be a part of the transformational project for Safe Harbor’s new domestic violence center in Greenville, South Carolina. Through a $10M New Market Tax Credit allocation, SCCLF contributed to a project that not only provides essential services to victims of domestic violence but also revitalizes a historic part of the community.

Other financing was provided by TD Bank, Innovate Fund, and others, with total project costs of approximately $17M. New Market Tax Credits (NMTCs) are federal tax credits issued by the CDFI Fund through the US treasury specifically for investment in low-income communities. The NMTC Program attracts private capital into low-income communities by permitting individual and corporate investors to receive a tax credit against their federal income tax in exchange for making equity investments in Community Development Entities (CDEs) such as SCCLF.

NMTCs are often used to fill critical financing gaps in projects to be developed in low-to-moderate-income communities, and thus have allowed SCCLF to make a greater impact throughout South Carolina by participating in large-scale projects like Claflin University and The Northside Development Group. The goal of NMTCs aligns with SCCLF’s vision well, to provide South Carolinians a place to gather, learn, work, and care for their communities. 

Safe Harbor’s new center is currently under construction and located at a former textile mill on Gordon Street in the Brandon community of Greenville. This West Greenville site has undergone a remarkable transformation from an old mill into a state-of-the-art facility dedicated to supporting victims of domestic violence. This repurposing is symbolic of the project’s broader mission: to turn spaces of old into places of hope and healing. 

The new center will feature apartment-style living, supportive services, and administrative offices, creating a centralized hub for comprehensive care. This integrated approach will significantly enhance Safe Harbor’s ability to deliver services effectively and foster a collaborative environment for its staff.

Last year, Safe Harbor provided shelter and advocacy services to nearly 700 women and children. Unfortunately, due to space constraints, many individuals in desperate need of assistance had to be turned away. The new facility is set to almost triple Safe Harbor’s capacity, marking it the first of its kind in South Carolina. 

The new Safe Harbor center is slated to open by the end of 2024, marking a significant milestone in the journey toward providing comprehensive support to domestic violence victims. SCCLF is honored to play a part in this transformative project, showcasing the power of community investment in creating safe, supportive, and thriving environments for all individuals.

To learn more about the work SCCLF does for New Market Tax Credits, click here

Rendering by M Peters Group

Skip to toolbar