The bill H. 3333 aims to amend the South Carolina Code of Laws regarding the redevelopment of federal military installations. Specifically, it modifies Section 31-12-30 to expand the definition of "redevelopment project" to include affordable housing projects. These projects are defined as residential housing for rent or sale that is priced for individuals or families earning no more than eighty percent of the median income for the local area. Additionally, the bill stipulates that new property tax revenues generated in tax increment financing districts can be utilized to support affordable housing and related infrastructure.

Furthermore, the bill amends Section 31-12-210, changing the timeline for when certain obligations must be issued by municipalities from fifteen years to thirty-five years after the adoption of an ordinance that concurs with an authority's redevelopment plan. This adjustment is intended to provide municipalities with greater flexibility in managing their redevelopment financing. The act is set to take effect on July 1, 2025.

Statutes affected:
12/05/2024: 31-12-30, 31-12-210
04/03/2025: 31-12-30, 31-12-210
04/15/2025: 31-12-30, 31-12-210
Latest Version: 31-12-30, 31-12-210
12/06/2024: 31-12-30, 31-12-210