Bill > S0190

This bill amends South Carolina law to expand the definition of "redevelopment project" and make several changes to tax increment financing (TIF) regulations. Specifically, the bill broadens the definition of a redevelopment project to explicitly include affordable housing projects, defining "affordable housing" as residential properties for rent or sale priced for individuals or families earning up to 80% of the area's median income, as determined by the Department of Housing and Urban Development (HUD). The bill also extends the time limit for municipalities to issue obligations related to a redevelopment project from fifteen to thirty-five years after adopting an ordinance approving a redevelopment plan. This change gives local governments more flexibility in financing and implementing urban redevelopment and affordable housing initiatives. The bill aims to support municipal efforts to revitalize areas, particularly by encouraging the development of housing that is financially accessible to lower and middle-income residents. The legislation will take effect upon approval by the Governor.

Business and Industry, Health and Social Services

https://www.scstatehouse.gov/billsearch.php?billnumbers=0190&session=126&summary=B