Authorizes community development corporations to lend money for real property improvements within their designated service areas.

This bill amends the South Carolina Code to authorize community development corporations (CDCs) to lend money for real property improvements within their designated service areas. CDCs can lend to qualified borrowers for improvements such as construction, rehabilitation, or historic preservation. The bill sets conditions for these loans, including written policies, verification of improvement purposes, and annual reporting to the creating governing body. The lending authority is subject to local ordinances or resolutions, which may establish additional conditions or limitations.

Authorizes community development corporations to lend money for real property improvements within their designated service areas.

This bill amends the South Carolina Code to authorize community development corporations (CDCs) to lend money for real property improvements within their designated service areas. CDCs can lend to qualified borrowers for improvements such as construction, rehabilitation, or historic preservation. The bill sets conditions for these loans, including written policies, verification of improvement purposes, and annual reporting to the creating governing body. The lending authority is subject to local ordinances or resolutions, which may establish additional conditions or limitations.