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, which compares the number of jobs created to housing permits issued. The Department of Commerce, in collaboration with local planning authorities, is tasked with calculating this ratio annually and ensuring 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 act will take effect on July 1, 2025, and applies to all economic development agreements executed on or after that date.

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