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 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, changing the date for federal defense sites from January 1, 2028, to June 30, 2044, in relation to employment reductions. These amendments are designed to facilitate the development of affordable housing and improve the overall effectiveness of redevelopment efforts in South Carolina.

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