South Carolina H 3970: Mather School Legacy Day in SC

Bill Text

2025-2026 Bill 3970 Text of Previous Version (Feb. 12, 2025) - South Carolina Legislature Online 

South Carolina General Assembly
126th Session, 2025-2026

Bill 3970

Indicates Matter Stricken
Indicates New Matter

(Text matches printed bills. Document has been reformatted to meet World Wide Web specifications.)

A bill

TO AMEND THE SOUTH CAROLINA CODE OF LAWS 
BY ENACTING THE "UNIVERSITY HOUSING DEVELOPMENT AND INCENTIVE ACT" BY ADDING 
SECTION 59-103-163 SO AS TO ENCOURAGE THE CONSTRUCTION OF AFFORDABLE HOUSING 
FOR PUBLIC UNIVERSITIES IN SOUTH CAROLINA BY PROVIDING FINANCIAL INCENTIVES AND 
ESTABLISHING A TRANSPARENT APPROVAL PROCESS.

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

SECTION 
1. This act may 
be cited as the "University Housing Development and Incentive Act."

SECTION 2. The General Assembly shall appropriate fifty million dollars 
to establish the revolving loan fund and infrastructure improvement grants 
outlined in this act. Additional funding may be allocated through future 
legislative sessions based on project demand and outcomes.

SECTION 3. Article 1, Chapter 103, Title 
59 of the S.C. Code is amended by adding:

 Section 59-103-163. (A) For the purposes of this section:

 (1) "Affordable housing" means 
housing units where rent does not exceed thirty percent of the average student 
financial aid package or local median income.

 (2) "Student housing development 
zone" means a designated area within two miles of a public university campus 
where certain incentives and zoning adjustments apply.

 (B)(1) All housing projects proposed 
under this section must receive approval from the commission before 
construction.

 (2) Developers, in collaboration with 
the university, must submit a housing needs assessment that includes:

 (a) current and projected housing 
capacity on campus;

 (b) number of housing applications 
and demonstrated student demand; and

 (c) evidence that the project 
addresses a critical housing shortage.

 (3) Developers must provide a 
detailed financial plan to the commission, including:

 (a) total project costs and funding 
sources; and

 (b) a repayment schedule supported by 
projected rental income or other revenue streams.

 (4) The commission shall evaluate 
projects based on:

 (a) alignment with state and 
university goals for affordability and capacity;

 (b) financial viability and repayment 
assurances; and

 (c) long-term sustainability and 
management plans.

 (5) Only projects that meet all 
criteria and demonstrate necessity and fiscal responsibility will receive 
approval by the commission.

 (C)(1) Approved developers must submit 
an annual report to the commission and the university detailing:

 (a) housing occupancy rates;

 (b) financial performance; and

 (c) compliance with affordability and 
sustainability requirements.

 (2) The commission shall publish an 
annual review of all approved housing projects, including outcomes and 
recommendations for improvement.

 (D)(1) A developers constructing student 
housing in a student housing development zone will receive a property tax 
abatement for up to twenty years.

 (2) A developer may claim state 
income tax credits equal to fifteen percent of the total development costs, up 
to two million dollars for each project.

 (3) The Department of Revenue may 
promulgate regulations to carry out the provisions of this subsection.

 (E)(1) The State shall establish a 
revolving loan fund offering low-interest loans for student housing projects.

 (2) Grants must be available for 
projects incorporating eco-friendly designs or affordability guarantees.

 (F)(1) Projects within a student housing 
development zone are eligible for fast-tracked zoning and permitting.

 (2) Local governments may waive 
certain zoning restrictions to accommodate high-density housing.

 (G) The State shall provide funding 
for infrastructure improvements required to support housing projects including 
roads, utilities, and broadband.

SECTION 
4. If any section, subsection, paragraph, 
subparagraph, sentence, clause, phrase, or word of this act is for any reason 
held to be unconstitutional or invalid, such holding shall not affect the 
constitutionality or validity of the remaining portions of this act, the 
General Assembly hereby declaring that it would have passed this act, and each 
and every section, subsection, paragraph, subparagraph, sentence, clause, 
phrase, and word thereof, irrespective of the fact that any one or more other 
sections, subsections, paragraphs, subparagraphs, sentences, clauses, phrases, 
or words hereof may be declared to be unconstitutional, invalid, or otherwise 
ineffective.

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

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This web page was last updated on February 12, 2025 at 11:12 AM