South Carolina Community Loan Fund (SCCLF) invested $7 million of New Markets Tax Credit into a community-based project that will breathe life back into a historical building that served as a medical hub for the African American community from 1938 to 1973.
Allen University, a historical black university (HBCU), broke ground on its Good Samaritan Waverly Hospital project in 2020. The building, which once served as a health center for the Black community in Columbia, has begun renovations to become a timeless hub for the past, present, and future of the university and its surrounding community.
This project will redevelop the three-story hospital into a multifunctional space. It will serve as a civility learning center, a memorial space for the Emanuel Nine, and become the home to two new museums; the Palmetto African American Hall of Fame and the Waverly Wall Museum.
SCCLF’s invested $7 million of its New Markets Tax Credit Program Allocation on NMTC. Since 2019, SCCLF has deployed $35 million to community centered projects like this one. This financing was in participation with The Reinvestment Fund.
“SCCLF has remained mission focused while deploying our NMTC allocations, investing largely in community facilities across South Carolina while supporting minority-led organizations,” said Brendan, Senior Loan and New Market Tax Credit Officer. “The projects we have supported mirror closely the work we have done with our Revolving Loan Fund.”