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 several provisions regarding the development of affordable housing, including a requirement for a minimum of ten units to be built, the collection of impact fees to support infrastructure, and the stipulation that ownership of the project will revert to the school district after forty years. The affordable housing is defined as housing costing no more than sixty percent of the median area income, and the school district is tasked with providing annual reports on the impact fee collection and usage. Overall, the bill seeks to enhance affordable housing options for educators while utilizing surplus land effectively.

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