Bill > H3970

This bill introduces the University Housing Development and Incentive Act, which aims to encourage affordable student housing development near public universities in South Carolina by creating a comprehensive framework of financial incentives and regulatory support. The bill establishes a "student housing development zone" within two miles of a university campus and requires developers to submit detailed housing needs assessments and financial plans for approval by a state commission. Developers can receive significant benefits, including a property tax abatement for up to 20 years, state income tax credits of up to 15% of development costs (maximum $2 million per project), and access to a revolving loan fund with low-interest loans. The bill defines affordable housing as units where rent does not exceed 30% of the average student financial aid package or local median income. To qualify for incentives, developers must demonstrate critical housing shortages, provide annual reports on housing occupancy and financial performance, and potentially incorporate eco-friendly design elements. Additionally, the bill provides for fast-tracked zoning and permitting processes, potential local government zoning waivers, and state funding for infrastructure improvements. The state will initially appropriate $50 million to establish the revolving loan fund and infrastructure improvement grants, with potential additional funding in future legislative sessions. The bill takes effect upon gubernatorial approval and includes a provision ensuring that if any part of the act is found unconstitutional, the remaining portions will remain valid.

Budget and Finance

https://www.scstatehouse.gov/billsearch.php?billnumbers=3970&session=126&summary=B