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. Projects must receive approval from a designated commission, which will evaluate them based on alignment with state goals, financial viability, and sustainability.

Additionally, the bill offers various incentives for approved developers, such as property tax abatements for up to twenty years, state income tax credits, and access to low-interest loans. It also allows for fast-tracked zoning and permitting processes in designated areas and encourages local governments to waive certain zoning restrictions to facilitate high-density housing. The act emphasizes the importance of annual reporting on project performance and compliance, and it includes provisions for funding infrastructure improvements necessary to support these housing projects. The act will take effect upon the Governor's approval.

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