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CDC board weighs name change as state bill could restore lending authority
Summary
Executive Director Thomas Foxley told the Gulliguchi CDC board that South Carolina Senate Bill 856 would reinstate the Community Economic Development Act, restoring statutory authority to make public grants and loans; the board asked staff to consult legal counsel and consider a name change that would add 'Economic' if the bill does not pass.
Executive Director Thomas Foxley told the Gulliguchi Historic Neighborhoods Community Development Corporation on March 18 that South Carolina Senate Bill 856, now in the Senate Finance Committee, would reinstate the Community Economic Development Act and thereby restore the statutory authority the CDC needs to grant and lend public funds.
"There’s currently a bill in the Senate Finance Committee introduced in January, Senate Bill 856, which effectively would reinstate the Community Economic Development Act," Foxley said, noting the original statute expired in June 2023 and that the CDC would…
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