In June 2023, after two decades of planning and development, the doors of the International African American Museum (IAAM) in Charleston officially opened, standing as a powerful tribute to the resilience, culture, and legacy of African Americans in the United States. Behind the scenes of this $120 million historic project is a story of community investment, vision, and strategic collaboration. The South Carolina Community Loan Fund (SCCLF) is proud to have played a part.
Through a $3 million allocation in New Market Tax Credits (NMTC), SCCLF joined forces with TD Community Development Corporation and TD Bank to help bring the IAAM to life. NMTCs are a federal incentive program designed to stimulate investment in low-income communities by providing tax credits to investors who help finance impactful community projects. These credits help bridge critical funding gaps and bring transformative developments, such as IAAM, to fruition.
Located at Gadsden’s Wharf, a former shipping site where nearly 40% of enslaved Africans entered the United States, the museum is more than just a building. It is a sacred space of remembrance and education. Spanning 40,000 square feet, the IAAM features nine galleries, over 700 historical artifacts, and more than 1,000 images and media installations that span centuries of African American history.
Recently, to mark its 20th anniversary, SCCLF hosted a celebratory reception at the IAAM during the African American Alliance of CDFI CEOs’ Power of Service Conference. The evening featured reflections from SCCLF founders and visionaries who helped shape its mission, honoring the organization’s legacy and sharing a vision for the future. Guests also had private access to the museum, an unforgettable experience in the very city where SCCLF’s journey began.
The museum, a long-realized vision of former Charleston Mayor Joseph P. Riley and supported by leaders like Congressman James E. Clyburn, both early supporters of SCCLF, now stands as a national institution. It honors the African American experience and acknowledges South Carolina’s central role in that story.
SCCLF’s investment in IAAM is part of our broader commitment to financing projects that celebrate cultural identity, foster economic opportunity, and strengthen communities. Through the NMTC program, we channel critical resources into South Carolina communities.
As we celebrate 20 years of “Investing in Community,” our support of the IAAM stands as a testament to the power of equitable capital to change lives and honor legacies.
To learn more about how SCCLF uses tools like New Market Tax Credits to create lasting impact across South Carolina, visit our NMTC page.