The "University Housing Development and Incentive Act" aims to promote the construction of affordable housing for public universities in South Carolina by providing financial incentives and establishing a transparent approval process. The bill proposes the creation of a revolving loan fund and infrastructure improvement grants, with an initial appropriation of fifty million dollars. It defines "affordable housing" and "student housing development zone," and outlines the requirements for developers, including the submission of a housing needs assessment and a detailed financial plan to the commission for approval before construction can begin.

Additionally, the bill offers property tax abatements for up to twenty years for developers in designated zones, as well as state income tax credits of fifteen percent of total development costs, capped at two million dollars per project. It also includes provisions for fast-tracked zoning and permitting for eligible projects, and allows local governments to waive certain zoning restrictions to facilitate high-density housing. The act emphasizes the importance of sustainability and compliance with affordability requirements, mandating annual reports from approved developers and an annual review of housing projects by the commission.

Statutes affected:
02/12/2025: 59-103-163
Latest Version: 59-103-163