BB&T and S.C. Department of Commerce Announce Community Development Partnership
Partnership Delivers Opportunities for Low Income Communities
Columbia, S.C. – Branch Banking and Trust Corporation (BB&T) and the South Carolina Department of Commerce today announced the South Carolina Community Development Intermediary (SC-CDI), a new community economic development support corporation. The SC-CDI was chartered earlier this year and will begin operation immediately. It will support growth, enhance development, and increase the capacity of community development corporations.
“The time for providing an effective community economic development infrastructure for low and moderate income communities is long overdue. The Intermediary will be extremely effective in using funding, financing, and capacity-building tools to get community development projects on the ground through the qualified CDCs in the state,” said Chester Williams, BB&T, Executive Vice President and Director of CRA/ Community Development. “This program will work diligently to bring the best CDC’s on line rapidly. This will be a no-nonsense, best practices organization designed for one purpose and that is to get needed housing and commercial development on the ground in short order.”
Community Development Corporations (CDC) are designed to benefit low and moderate income residents within South Carolina by expanding homeownership and economic opportunity while enhancing quality of life.
“This joint effort with the Department of Commerce and the banking industry offers a unique opportunity for our state to improve communities and stimulate local economies. Working together with strong corporate citizens, we can efficiently and effectively deliver opportunity for homeownership and meaningful community development that will provide lasting results,” said Joe Taylor, South Carolina Secretary of Commerce.
The SC-CDI is a public-private partnership operating in coordination with BB&T, the South Carolina Department of Commerce, and additional financial institutions. The Intermediary will provide capacity building, technical assistance, and financing through member financial institutions for community development projects throughout the state.
The SC-CDI will be based in Gaffney, South Carolina under the direction of Dr. Camilla Moore. Moore was selected by BB&T as director of the Intermediary. She is the former Director of Fulton County Housing in Atlanta, Georgia.
BB&T will be the primary lending institution during the initial start-up, offering construction and permanent loans, Federal Home Loan Bank of Atlanta grant access, as well as equity capital for tax credit qualified projects. As the SC-CDI develops and grows, BB&T and the South Carolina Department of Commerce will encourage other financial institutions to participate.
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