(A) The department may use a portion of funds appropriated for carrying out the provisions of this chapter to contract with an appropriate entity or entities to assist in carrying out its duties and responsibilities pursuant to this chapter. These duties and responsibilities include, but are not limited to:

(1) certifying entities as community development corporations and community development financial institutions;

Terms Used In South Carolina Code 34-43-30

  • Contract: A legal written agreement that becomes binding when signed.
  • Department: means the South Carolina Department of Commerce. See South Carolina Code 34-43-20

(2) administering grants and loans to community development corporations and community development financial institutions from grant funds made available to it by the General Assembly for that purpose; and

(3) providing technical support to assist community development corporations served pursuant to this section in developing their organizational capacity and implementing their projects successfully.

(B) The department shall make an annual report to the General Assembly regarding the grants and loans administered and tax credits given pursuant to this chapter.

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