The "Equitable Development and Affordable Housing Act" aims to address housing shortages in South Carolina by mandating that a minimum of fifteen percent of land provided, discounted, or subsidized as part of economic development agreements with new or expanding businesses be designated for affordable housing. The bill defines "affordable housing" as residential housing where monthly costs do not exceed thirty percent of a household's gross income for families earning up to eighty percent of the area median income. Additionally, if the designated land is unsuitable for residential development, an equivalent value in funding must be contributed to an affordable housing trust fund.

The act also establishes a framework for monitoring the jobs-to-housing ratio, requiring the Department of Commerce to calculate this ratio annually and ensure it does not exceed one-and-one-half jobs for each housing permit. If the ratio exceeds this threshold, future economic incentive agreements must prioritize affordable housing development. The Department of Commerce will oversee compliance, including reviewing agreements and publishing annual reports on land incentives and housing outcomes. Violations of the act will result in the suspension of future incentives for noncompliant businesses and the creation of a remediation plan to address housing shortages. The act is set to take effect on July 1, 2025, for all agreements executed thereafter.

Statutes affected:
01/15/2025: 11-1-130
Latest Version: 11-1-130