The "South Carolina Housing Development Revenue Enhancement Act" aims to empower housing authorities in South Carolina to utilize Tax Increment Financing (TIF) and other revenue mechanisms to support the development and financing of affordable housing. The bill allows housing authorities, in collaboration with local governments, to establish TIF districts to generate incremental tax revenues for various purposes, including the construction and renovation of affordable housing, infrastructure improvements, and land acquisition. Additionally, it permits housing authorities to impose impact fees on new developments and to create local housing trust funds financed through TIF revenues and other sources.

Furthermore, the bill encourages public-private partnerships to leverage private investment in affordable housing projects. Housing authorities can enter joint ventures with private developers and offer tax incentives to promote affordable housing development. The provisions of this act will expire on January 1, 2035, unless reauthorized by the General Assembly. The act will take effect upon the Governor's approval.

Statutes affected:
01/15/2025: 31-3-1700
01/29/2025: 31-3-1700
Latest Version: 31-3-1700