The "Equitable Development and Affordable Housing Act" aims to address the 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.

To ensure compliance, the South Carolina Department of Commerce will oversee the implementation of this act, which includes calculating the jobs-to-housing ratio annually and prioritizing affordable housing development if the ratio exceeds one-and-one-half jobs for each housing permit. The act also establishes penalties for noncompliance, including the suspension of future incentives for noncompliant businesses and the requirement of a remediation plan to address housing shortages. This legislation is set to take effect on July 1, 2025, and will apply to all economic development agreements executed after that date.

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