As used in this chapter:
(1) "Department" means the South Carolina Department of Commerce.
(2) "Community development corporation" means a nonprofit corporation which:
(a) is chartered pursuant to Chapter 31, Title 33;
(b) is tax exempt pursuant to Section 501(c)(3) of the Internal Revenue Code of 1986, as amended;
(c) has a primary mission of developing and improving low-income communities and neighborhoods through economic and related development;
(d) has activities and decisions initiated, managed, and controlled by the constituents of those local communities;
(e) has a primary function of developing projects and activities designed to enhance the economic opportunities of the people in the community served, including efforts to enable them to become owners and managers of small businesses and producers of affordable housing and jobs in the community served;
(f) does not provide credit, capital, or other assistance from public funds in an amount greater than twenty-five thousand dollars at one time or in one transaction. The department may adjust that dollar amount in the manner provided in Section 37-1-109; and
(g) is not a nonprofit organization with the sole purpose of providing housing to neighborhoods or technical assistance to other nonprofit organizations.
(3) "Community development financial institution" means an organization that:
(a) has a primary mission of promoting community development by providing credit, capital, or development services to small businesses or home mortgage assistance to individuals including, but not limited to, capital access programs, microlending, franchise financing, and guaranty performance bonds;
(b) maintains, through representation on its governing board, accountability to persons in need of the institution's services;
(c) is not an agent or instrumentality of the United States, or of a state or political subdivision of a state nor maintains an affiliate relationship with any of them;
(d) maintains a goal of providing a majority of its services to low-income individuals, minorities, females, or rural areas;
(e) provides capital and technical assistance to small and micro businesses or mortgage assistance to individuals;
(f) does not provide credit, capital, or other assistance in an amount greater than two hundred fifty thousand dollars at one time or in one transaction. That dollar amount may be adjusted in the manner provided in Section 37-1-109;
(g) has been certified or recertified as a community development financial institution as provided in this chapter; and
(h) may be a federally-chartered or state-chartered financial institution holding company which qualifies as a community development financial institution only if the holding company and the subsidiaries and affiliates of the holding company collectively satisfy the requirements of this section.
(4) "Low income" means an income level that falls within the eightieth percentile of the mean income for a family of similar size within this State.
(5) The term "invest" includes an advance of funds to a community development corporation or a community development financial institution.
HISTORY: 2000 Act No. 314, Section 1, eff May 30, 2000.
Editor's Note
2015 Act No. 46, Section 1, provides:
"SECTION 1. Section 4 of Act 314 of 2000, as last amended by Act 248 of 2010, is further amended to read:
"SECTION 4. Unless reauthorized by the General Assembly, the provisions of this act shall terminate on June 30, 2020, and this act and all other laws and regulations governing, authorizing, and otherwise dealing with community development corporations and community development financial institutions are deemed repealed on that date."
2019 Act No. 77, Section 3, provides as follows:
"SECTION 3. Section 4 of Act 314 of 2000, as last amended by Act 46 of 2015, is further amended to read:
"SECTION 4. Unless reauthorized by the General Assembly, the provisions of this act shall terminate on June 30, 2023, and this act and all other laws and regulations governing, authorizing, and otherwise dealing with community development corporations and community development financial institutions are deemed repealed on that date."