The bill S. 190 aims to amend several sections of the South Carolina Code of Laws to enhance the definition and scope of redevelopment projects, particularly in relation to affordable housing. Specifically, it expands the definition of "redevelopment project" in Section 31-12-30 to explicitly include affordable housing projects, allowing for the use of new property tax revenues generated in tax increment financing districts to support these initiatives. Additionally, the bill updates the definition of "affordable housing" to align with federal income standards, ensuring that housing is accessible to families earning up to eighty percent of the median income for the local area.

Furthermore, the bill modifies the time limit for municipalities to issue obligations for redevelopment projects, extending the deadline from fifteen to thirty-five years after the adoption of the relevant ordinance. It also revises the definition of "closed or realigned federal installation" in Section 12-10-88 to extend the timeframe for certain federal defense sites from January 1, 2028, to June 30, 2044. These changes are intended to facilitate the development of affordable housing and improve the overall effectiveness of redevelopment efforts in South Carolina. The act will take effect upon approval by the Governor.

Statutes affected:
01/14/2025: 31-12-30, 31-12-210, 12-10-88
03/13/2025: 31-12-30, 31-12-210, 12-10-88
03/19/2025: 31-12-30, 31-12-210, 12-10-88
03/19/2025-A: 31-12-30, 31-12-210, 12-10-88
03/27/2025: 31-12-30, 31-12-210, 12-10-88
Latest Version: 31-12-30, 31-12-210, 12-10-88