Bill > H3333

This bill amends two sections of South Carolina law related to Tax Increment Financing (TIF), expanding the definition of a "redevelopment project" and extending the timeline for issuing project obligations. Specifically, the bill broadens the definition of redevelopment projects to explicitly include affordable housing initiatives, where new property tax revenues generated in a TIF district can be used to support publicly or privately owned affordable housing or related infrastructure. The bill defines "affordable housing" as residential housing for rent or sale priced for individuals or families earning up to 80% of the local area's median income, as determined by the U.S. Department of Housing and Urban Development (HUD). Additionally, the bill increases the timeframe for issuing project obligations from fifteen to thirty-five years after a municipality adopts an ordinance concurring with a redevelopment plan. These changes aim to provide more flexibility for municipalities in developing affordable housing and implementing redevelopment projects, with the amendments set to take effect on July 1, 2025.

Business and Industry, Health and Social Services

https://www.scstatehouse.gov/billsearch.php?billnumbers=3333&session=126&summary=B