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, mandates that teachers and school employees have the right of first refusal for leasing, and sets a goal for at least fifty percent of the units to be 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, and the establishment of a ground lease agreement between the school district and developers. It also stipulates that upon the expiration of the forty-year lease, ownership of the housing project will revert to the school district without compensation. Overall, the legislation 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