The bill H. 3467 proposes amendments to the South Carolina Code of Laws to facilitate the development of affordable housing for teachers and school employees on surplus land owned by school districts. Specifically, it adds a new exemption under Section 12-37-220, which states that surplus land used for this purpose will be exempt from property taxes for a period of forty years, starting July 1, 2025. Additionally, the bill introduces Section 59-17-180, which grants school districts the authority to utilize surplus land for affordable housing projects, mandates that teachers and school employees have the right of first refusal to lease these properties, and sets a goal for at least fifty percent of the units to be designated as affordable housing.

The bill outlines various provisions regarding the development process, including the requirement for a minimum of ten units to be built, the collection and use of impact fees for infrastructure support, and the establishment of a ground lease agreement between the school district and developers for a term of forty years. Upon the lease's expiration, ownership of the housing project will revert to the school district without compensation. The bill aims to address the housing needs of educators while ensuring that the developments remain affordable and beneficial to the community.

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