South Carolina Community Loan Fund Awarded $50M in New Market Tax Credits, One of Three Awardees in the State

Date: October 3, 2023
Category: News

The South Carolina Community Loan Fund (SCCLF) is thrilled to announce 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, Allied Air/Red Rocks Development in Orangeburg, the Allen University Waverly Hospital Redevelopment in Columbia, and the Claflin University Student Activity Center in Orangeburg. 

SCCLF’s dedication to community development and this substantial NMTC allocation showcase their commitment to making a positive impact on South Carolina communities.

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