1. Reauthorize community development tax credits

2. secure funding for the sC community economic development fund

3. Advocate for anti-predatory lending legislation

We encourage the South Carolina General Assembly to allocate South Carolina Community Development Tax Credits to support Community Development organizations across South Carolina who are providing access to rental and homeownership, small business lending and technical assistance, workforce development, financial literacy, and home preservation.

Allocation Request: $3 Million annually for five years

A SC taxpayer may claim as a credit against their state income tax, bank tax, or premium tax liability for contributions made to a certified Community Development Corporation (CDC) or Community Development Financial Institution (CDFI). Tax Credit for all Equity Investments are 33% of the Equity Investment Amount and Tax Credit for all Cash Donations are 50% of the Donation amount.

The Community Economic Development (CED) grant program was created by the SC General Assembly in 2000 through the SC Community Economic Development Act to support certified community development corporation (CDC) and community development financial institution (CDFI) sponsored projects in the state of South Carolina. Qualifying projects and activities are designed to enhance the economic opportunities of underserved and rural communities. Such projects include:

• Small business development

• Affordable housing development

• Home repair and preservation

• Workforce development and trainings

• Neighborhood revitalization

• Commercial retail opportunities

Request: appropriate $3 Million in the state budget for the SC CED Fund

This legislative session we're working to secure a $3 million appropriation in the state budget to replenish the CED Grant Program so community development organizations can continue addressing these critical needs of their communities.

SCACED is part of the SC Fair Lending Alliance advocating for a proposed legislation designed to implement more stringent regulations on payday and installment lenders, specifically focusing on addressing unlawful trade practices within this sector in South Carolina.

• Failing to analyze borrower’s ability to fully repay loan

• Making loan to consumer who does not have the ability to repay loan after required analysis

• Mailing unsolicited checks, debit, or credit cards

• Renewing an installment loan for a third time, or more, within 180 days

• Renewing a payday loan within 30 days of the original loan

• Adding additional fees to each loan

• Targeted marketing on low-wealth communities