Bill > H3750

This bill aims to address housing affordability and economic development in South Carolina by requiring that when the state or local governments provide land incentives to businesses, at least 15% of that land must be designated for affordable housing. The bill defines affordable housing as residential units where monthly costs do not exceed 30% of household income for families earning up to 80% of the area median income. When businesses receive land incentives, they must either develop affordable housing on 15% of the land within five years or contribute an equivalent value to a state housing trust fund. The Department of Commerce will annually calculate the jobs-to-housing ratio in regions receiving economic development incentives and ensure this ratio does not exceed 1.5 jobs per housing permit. If the ratio is too high, the state must prioritize affordable housing in future agreements. The bill includes enforcement mechanisms, such as suspending future incentives for non-compliant businesses and requiring them to develop a remediation plan. This legislation is intended to ensure that economic growth benefits all residents by maintaining a balanced approach to job creation and housing development. The act will take effect on July 1, 2025, and apply to economic development agreements executed on or after that date.

Budget and Finance

https://www.scstatehouse.gov/billsearch.php?billnumbers=3750&session=126&summary=B