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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.
Investment Fund Helping to Rehabilitate Foreclosed Properties in South Carolina
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.
Supporting Affordable Housing through Tax Credit Syndication
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.
Tax Credits Stimulates Economic Development
For more information, contact the South Carolina Department of Commerce (www.callsouthcarolina.com).