The "Community Impact and Opportunity Assessment Act" aims to enhance local governance in South Carolina by mandating community impact assessments for certain land use and housing actions. The bill defines key terms such as "Community Impact Assessment," "impact populations," and "covered action," which includes significant zoning changes, large residential developments, and alterations to housing policies. Before any covered action is approved, a community impact assessment must be conducted to evaluate the potential effects on vulnerable populations, housing affordability, and local infrastructure. Local governments are required to assign responsibility for these assessments to their planning departments or approved consultants, ensuring that qualified professionals carry out the evaluations.

Additionally, the bill emphasizes transparency and community engagement by requiring that the assessments be published online, included in public meeting materials, and presented at public hearings. Local governments must actively notify affected residents and provide opportunities for public feedback, documenting how this input influences decision-making. The South Carolina Department of Commerce will support local governments by developing best practices and providing technical assistance, while also collecting reports on the implementation and outcomes of the assessments. This act will take effect upon the Governor's approval.