Partner Bill

Community Development Tax Credit (S.436)

S.436 would allocate $2 million in CD Tax Credits in 2021 and $3 million each year after. Allocating these tax credits would allow community development corporations (CDCs) and community development financial institutions (CDFIs) to attract private capital to support critical services in their communities such as affordable housing, financial counseling, and loan capital to small, women-led, and minority-led businesses.

Join SCACED (South Carolina Association for Community Economic Development) in supporting allocation of Community Development (CD) Tax Credits; Senate Bill 436. S.436 would allocate $2 million in CD Tax Credits in 2021 and $3 million each year after. Allocating these tax credits would allow community development corporations (CDCs) and community development financial institutions (CDFIs) to attract private capital to support critical services in their communities such as affordable housing, financial counseling, and loan capital to small, women-led, and minority-led businesses. The program is a vital public-private partnership that leverages a modest public investment to attract private sector participation. The $1 million allocated in CD Tax Credits in 2019 spurred $2.6 million in private investment and were reserved within 4 minutes of becoming available.

Take Action

Contact your local Senator in support of bill S.436 to continue to support CDCs and CDFIs providing crucial emergency services, relief, and recovery efforts resulting from the pandemic and economic downturn to women and low wealth communities throughout all of South Carolina.

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