The bill H. 3333 aims to amend the South Carolina Code of Laws regarding tax increment financing and redevelopment projects. Specifically, it modifies Section 31-12-30 to expand the definition of a "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 up to eighty percent of the median income for the local area. Additionally, the bill stipulates that new property tax revenues generated in the tax increment financing district can be utilized to support affordable housing and related infrastructure.

Furthermore, the bill amends Section 31-12-210 to change the timeline for the issuance of obligations by municipalities for redevelopment projects. The obligations must now be issued no later than thirty-five years, instead of the previous fifteen years, after the adoption of an ordinance by the municipality that concurs with an authority's redevelopment plan. This legislation 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