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 finance affordable housing projects, allocate incremental tax revenues for construction and infrastructure improvements, and impose impact fees on new developments. Additionally, it encourages the formation of public-private partnerships to leverage private investment and expertise in affordable housing initiatives.

The legislation also introduces provisions for housing authorities to create local housing trust funds and utilize project-generated revenues as a secondary source of repayment for bonds issued for housing projects. These project-generated revenues may include rental income and lease payments from commercial tenants. The act mandates that any TIF district or revenue-sharing agreement must be approved by the local governing body and requires annual reporting on fund usage and project progress. The provisions of this act are set to expire on January 1, 2035, unless reauthorized by the General Assembly.

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