S.C. Community Loan Fund receives $20M in tax credits.
The South Carolina Community Loan Fund is receiving $20 million in New Markets Tax Credits to encourage economic growth in low-income and rural communities throughout the state.
The New Markets Tax Credits are distributed by the U.S. Department of the Treasury's Community Development Financial Institutions Fund. The credits are used to cover gaps in project funding.
The SCCLF is one of 73 organizations nationwide to receive the tax credits, according to a news release. The $20 million will be used to finance community development projects intended to create jobs in underserved communities in South Carolina.
The SCCLF is currently evaluating which projects qualify for the tax credits and will work with community organizations, developers and local municipalities to assist with the projects in communities needing investment.
"We've got several projects in our pipeline that we're looking at that are through municipalities," Brendan Buttimer, SCCLF community development loan officer, said. "But they're focused on job creation, job retention, oftentimes job training. They can be built around manufacturing, but the ones we're looking at in particular are focused around community facilities and healthy food access."
Buttimer said projects have to be...
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