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 reauthorize the South Carolina Community Development Tax Credits by passing House Bill 4164 (H.4164) to support Community Development organizations across the state 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

• Issuing loans to borrowers unable to repay after required analysis

• Mailing unsolicited checks, debit, or credit cards

• Renewing loans excessively within specific timeframes

• Operating without proper state or local licenses.

• Adding additional fees to each loan

• Targeted marketing on low-wealth communities

S.488 also seeks to create a database through the consumer finance division of the Board of Financial Institutions to collect data and prevent a consumer for having loans that exceed the limits for refinancing. The bill gives the Attorney General responsibility for enforcing these provisions.