The bill H. 3467 aims to amend the South Carolina Code of Laws to provide property tax exemptions for certain affordable housing developments and to authorize school districts to utilize surplus land for such projects. Specifically, it adds a new exemption under Section 12-37-220 for surplus land used by school districts for affordable housing for teachers and school employees, effective from July 1, 2025, for a duration of forty years. Additionally, it introduces Section 59-17-180, which allows school districts to develop affordable housing on surplus land, ensuring that teachers and school employees have the right of first refusal to lease these properties.

The bill outlines various provisions regarding the development of affordable housing, including a minimum requirement of ten units, the collection of impact fees for infrastructure support, and the establishment of a ground lease agreement with developers for a term of forty years. It mandates that the affordable housing project must serve at least fifty percent of its units as affordable housing, defined as housing costing no more than sixty percent of the median area income. Upon the expiration of the lease, ownership of the project will revert to the school district without compensation. The bill is set to take effect upon the Governor's approval.

Statutes affected:
12/05/2024: 12-37-220, 59-17-180
Latest Version: 12-37-220, 59-17-180