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." Specifically, it includes affordable housing projects as part of redevelopment initiatives, allowing for the use of new property tax revenues generated in tax increment financing districts to support these projects. The bill also clarifies that affordable housing is defined as residential housing priced for individuals or families earning up to eighty percent of the local median income.

Additionally, the bill modifies the time limit for municipalities to issue obligations for redevelopment projects, extending it from fifteen to thirty-five years after the adoption of the relevant ordinance. It also updates the definition of "closed or realigned federal installations" to extend the timeline for certain federal defense sites until June 30, 2044. These amendments are intended to facilitate the development of affordable housing and improve infrastructure 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