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Article Archives: South Carolina

Butterfly Foundation Receives Healthy Food Financing Initiative Grant

The Butterfly Foundation, a 501(c)(3) nonprofit organization in Spartanburg, S.C., was awarded funding under the fiscal year 2011 Community Economic Development Healthy Food Financing Initiative. The foundation partnered with the Hub City Farmer’s Market, the city of Spartanburg, the Spartanburg Development Corporation, and the Mary Black Foundation to create the Northside Healthy Food Hub. The hub is a hybrid business that will help create jobs, contribute to economic growth in the Northside community, and provide access to healthy foods and groceries in a community lacking healthy food options. Funds will be used to create a permanent home for the Hub City Farmer’s Market, a catering and teaching kitchen, and retail space where vendors can sell produce and other goods throughout the year. There also will be space for classrooms, a community garden, and a café. The project is expected to be self-sustaining within five years and to create 23 jobs for the community.

The Butterfly Foundation also partnered with the city of Spartanburg and the Mary Black Foundation to implement the Culinary Job Training Program, which is designed to help prepare unemployed and underemployed adults for careers in the food industry.

For more information about the Butterfly Foundation’s programs and services, contact Liberty Canzater, Executive Director, at the Butterfly Foundation at 185 S. Liberty St., Spartanburg, SC 29306; Liberty@butterfly-sc.com; or (864) 582-4146.
[Published in Community Developments Investments, August 2012]

Investment Fund Helping to Rehabilitate Foreclosed Properties in South Carolina
The South Carolina Association of Community Development Corporations (SCACDC) is a statewide trade association for nonprofit community development corporations that serve low- and moderate-income persons and communities in South Carolina. SCACDC established the Silver Crescent Investment Fund (SCIF) to raise $15 million in equity and subordinated debt to help communities in the state that have high numbers of foreclosures.

SCIF will provide flexible capital that can be used by certified community development corporations and community development financial institutions to acquire and rehabilitate foreclosed properties in targeted communities. According to the fund offering, SCIF is seeking to raise capital to fund up to 10 community economic development ventures. Under the proposal, investors in SCIF would receive a 33 percent credit (using the South Carolina Community Development Tax Credit program) against their state tax liability and interest on their investment while supporting neighborhood stabilization efforts in the state.

To learn more about the Silver Crescent Investment Fund, e-mail Bernie Mazyck, President and Chief Executive Officer of SCACDC, or call (803) 579-9855.
[Community Developments Investments, Spring 2010]

Supporting Affordable Housing through Tax Credit Syndication
Community Affordable Housing Equity Corp (CAHEC) is a 501(c)(3) nonprofit low-income housing tax credit syndicator serving Alabama, the District of Columbia, Florida, Georgia, Kentucky, Maryland, North Carolina, South Carolina, Tennessee, Virginia, and West Virginia. CAHEC works to create and maintain affordable rental and ownership housing in the areas it serves. Since its creation in 1992, CAHEC has developed more than 7,300 units of affordable housing. CAHEC also provides a number of supportive programs designed to assist the residents of the developments it has helped to finance.

As a tax credit syndicator, CAHEC structures equity funds using investors' capital. CAHEC's most recent fund is the South Carolina Preservation Fund II LP (SCPF II). SCPF II is a $32 million equity fund designed to preserve and renovate a portfolio of older, multifamily housing properties in South Carolina. The targeted portfolio includes 41 properties with a total of 1,548 units. Although all investments in SCPF II were fully subscribed in 2008, banks can invest in other CAHEC equity funds as they are developed. To learn more, visit their Web site or e-mail Dana Boole or call (919) 788-1803.
[Community Developments Investments, Spring 2009]

Tax Credits Stimulates Economic Development
South Carolina's Community Economic Development Act, enacted in 2000, has gone largely unnoticed, but could help businesses reduce their taxes while boosting local economies. The act gives businesses a 33 percent tax credit for every dollar invested in certified community development corporations (CDCs) building or rehabbing affordable housing. There are 14 such CDCs in the state.

For more information, contact the South Carolina Department of Commerce (www.callsouthcarolina.com).
[Published in News from the Districts, Community Developments, Spring 2003]