Indicates Matter Stricken

Indicates New Matter

 

Committee Amendment Adopted

March 27, 2025

 

S. 190

 

Introduced by Senators Adams, Sutton, Tedder and Devine

 

S. Printed 3/27/25--S.

Read the first time January 14, 2025

 

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A bill

 

TO AMEND THE SOUTH CAROLINA CODE OF LAWS BY AMENDING SECTION 31-12-30, RELATING TO THE DEFINITION OF "REDEVELOPMENT PROJECT," SO AS TO INCLUDE AFFORDABLE HOUSING PROJECTS; BY AMENDING SECTION 31-12-210, RELATING TO ISSUANCE OF OBLIGATIONS FOR A REDEVELOPMENT PROJECT BY MUNICIPALITY, SO AS TO INCREASE THE TIME LIMIT OF WHICH AN OBLIGATION MUST BE ISSUED; AND BY AMENDING SECTION 12-10-88, RELATING TO REDEVELOPMENT FEES, SO AS TO UPDATE THE DEFINITION OF CLOSED OR REALIGNED FEDERAL INSTALLATIONS.

 

Be it enacted by the General Assembly of the State of South Carolina:

 

SECTION 1.  Section 31-12-30(6) of the S.C. Code is amended to read:

 

    (6)(1) "Redevelopment project" means buildings, improvements, including street improvements, water, sewer and storm drainage facilities, parking facilities, and recreational facilities, and includes affordable housing projects where all or a part of new property tax revenues generated in the tax increment financing district is used to provide or support publicly and privately owned affordable housing in the district or is used to provide infrastructure projects to support publicly and privately owned affordable housing in the district. A project or undertaking authorized under Section 6-21-50 also may qualify as a redevelopment project under this chapter. All such projects may be owned by the authority, the municipality, the county, or other appropriate public body. This term includes portions of the redevelopment project located outside the redevelopment project area so long as they provide needed infrastructure support for the redevelopment project area or the municipality makes specific findings of benefit to the redevelopment area.

       (2) As used in this section, "affordable housing" means residential housing for rent or sale that is appropriately priced for rent or sale to a person or family whose income does not exceed eighty percent of the median income for the local area, with adjustment for household size, according to the latest figures available from the United States Department of Housing and Urban Development (HUD).

 

SECTION 2.  Section 31-12-210(F) of the S.C. Code is amended to read:

 

    (F) The obligations must be issued not later than fifteen  thirty-five years after the adoption of an ordinance by the municipality pursuant to Section 31-12-280 concurring in an authority's redevelopment plan.

 

SECTION 3.  This act takes effect upon approval by the Governor.

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