By SCBIZ Staff

The 2007-2008 state budget has made a record $1.4 million available to certified community development corporations (CDCs) in South Carolina.

The state Legislature on June 29 finalized the annual spending plan and voted on Gov. Mark Sanford’s vetoes to the state budget. State lawmakers and Sanford all agreed to include $1 million in recurring money for CDCs through the S.C. Department of Commerce. Lawmakers had included an additional $400,000 in one-time money for CDCs, which on June 27 was vetoed by the governor. The S.C. House of Representatives and the Senate overrode the governor’s veto on June 29.

The 2007-2008 budget represents the second year that the state Legislature has appropriated funds for CDCs.

Community development corporations are local nonprofit community groups that aim to fight poverty and build wealth in impoverished neighborhoods around the state. Tax-exempt CDCs work toward the establishment of affordable housing, job creation and small business development, human development and access to affordable capital. The S.C. Association of Community Development Corporations' mission is to raise the quality of life for low-income families and communities by aiding economic development. To date, CDCs in South Carolina are estimated to made a $40 million impact on local economies.