SC S1027

Authorizes counties and municipalities in South Carolina to create Community Development Corporations (CDCs) as nonprofit entities to promote economic and community development within designated service areas

CDCs may lend money to qualified borrowers for real property improvements including construction, rehabilitation, renovation, and historic preservation of residential, commercial, mixed-use, and community facilities

Requires CDCs to adopt written loan policies covering application requirements, underwriting standards, interest rates, collateral, and default procedures before making any loans

CDCs must maintain loan records subject to inspection and submit annual reports to their creating government body on loan activity, including number of loans, dollar amounts, improvement types, and repayment status

The lending authority expires on June 30, 2035, unless reauthorized by the General Assembly, though existing loans remain valid and enforceable after termination