Rebuild Upstate Becomes a State Certified Community Development Corporation
July 6, 2021
Rebuild Upstate has earned its certification as a South Carolina Community Development Corporation from the South Carolina Association of Community Economic Development.
This certification will enable Rebuild Upstate to repair more homes of low-income families in South Carolina by increasing capacity to raise critical program funds. By offering additional tax advantages to existing and new supporters who invest in Rebuild Upstate’s programs and services, Rebuild Upstate will increase revenue for its home repair program and other valuable services including case management and financial literacy training.
The South Carolina Community Economic Development Act of 2000 was authorized to support community-based, non-profit organizations that focus on improving quality of life and creating economic opportunity in low-income communities. In addition to creating the Community Economic Development Fund grant program, the legislation also authorized $5 million in South Carolina Community Development Tax Credits for eligible investments and contributions to certified organizations. In 2017, all $5 million credits authorized in 2000 were exhausted. An additional $1 million in CD Tax Credits were allocated in 2019 and reserved within 24 hours upon availability. In 2021, the General Assembly issued an additional $1 million in CD Tax Credits for 2021, and $2 million for tax years beginning after 2021.
The tax advantage process begins with a donor or investor making a pledge to Rebuild Upstate. Rebuild Upstate will then reserve the tax credit on a first-come, first-serve basis. After the tax credit is reserved, the donor makes the charitable contribution. Rebuild Upstate puts that investment back into the community as programs and services for low-income homeowners. Donors will then receive a Tax Credit Certificate for up to 50% of cash donations.
To speak to a staff member about how to earn this tax credit through charitable giving to Rebuild Upstate, contact Dayle Stewart, community engagement director, at [email protected].