The "Community Impact and Opportunity Assessment Act" aims to enhance local government decision-making regarding zoning, land use, and housing development in South Carolina. The bill mandates that before any significant land use changes or housing developments are approved—defined as "covered actions"—a Community Impact Assessment must be conducted. This assessment will evaluate the potential effects on existing residents, particularly vulnerable populations such as low-to-moderate-income residents, renters in rapidly developing areas, seniors, and long-term residents of underserved communities. The assessment must also analyze the implications for affordable housing, displacement, infrastructure, and access to essential services.

Local governments are required to assign responsibility for these assessments to their planning or community development departments, ensuring that qualified professionals conduct them. The bill emphasizes transparency and community engagement by requiring that assessments be published online, included in public meeting materials, and presented at public hearings. Additionally, the South Carolina Department of Commerce will provide guidance and support to local governments in implementing these assessments. The act will take effect upon the Governor's approval.