The "Religious Institutions Affordable Housing Act" aims to amend the South Carolina Code of Laws by allowing recognized religious organizations, specifically those classified as 501(c)(3) by the IRS, to construct affordable housing on their contiguous properties while retaining their property tax-exempt status. The bill defines "affordable housing" as dwelling units with annual rents at or below sixty percent of the median household income for the respective county. To qualify for tax exemption, the religious institution must maintain at least ten percent ownership of the housing, ensure the project consists of a minimum of ten units, and designate at least fifty percent of the units as affordable housing.

Additionally, the bill stipulates that the affordable housing development can include various types of units, such as multifamily units, duplexes, and single-family homes. It requires the religious institution to submit an annual compliance report to the South Carolina Housing Authority. Notably, the legislation allows religious institutions that owned property prior to July 1, 2025, to utilize any of their properties for affordable housing, regardless of whether the properties are contiguous. The act will take effect upon the Governor's approval.

Statutes affected:
12/05/2024: 31-1-60
Latest Version: 31-1-60
12/06/2024: 31-1-60