The bill H. 4008 proposes to amend the South Carolina Code of Laws by introducing a one-time impact fee of at least six percent on private developers for each new residential and commercial unit constructed within a county or municipality. The funds collected from this fee will be directed to the newly established South Carolina Gentrification Trust Fund, which is intended to provide financial assistance for relocation to low-income and fixed-income individuals, churches, and groups adversely affected by gentrification. Notably, developers who allocate at least fifteen percent of their housing development to low-income housing will be exempt from this impact fee, with the stipulation that the low-income status must be maintained for one hundred years.

Additionally, the bill establishes the South Carolina Gentrification Trust Fund, which will receive an annual appropriation of five million dollars from the General Assembly starting in Fiscal Year 2025-2026. The fund will also accept donations and grants, and it will be managed by the South Carolina State Housing Finance and Development Authority, which will oversee the distribution of funds to eligible individuals and groups. Furthermore, the bill amends the existing law regarding voluntary contributions on income tax returns to include the South Carolina Gentrification Trust Fund as an option for taxpayers.

Statutes affected:
02/13/2025: 6-1-175, 11-11-250, 12-6-5060
Latest Version: 6-1-175, 11-11-250, 12-6-5060