South Carolina H 3750: Equitable Development and Affordable Housing Act

Bill Text

2025-2026 Bill 3750 Text of Previous Version (Jan. 15, 2025) - South Carolina Legislature Online 

South Carolina General Assembly
126th Session, 2025-2026

Bill 3750

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 "EQUITABLE DEVELOPMENT AND AFFORDABLE HOUSING ACT" by ADDING 
SECTION 11-1-130 SO AS TO PROVIDE THAT CERTAIN LAND MUST BE DESIGNATED FOR THE 
DEVELOPMENT OF AFFORDABLE HOUSING.

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

SECTION 
1. This act may 
be cited as the "Equitable Development and Affordable Housing Act."

SECTION 2. The General Assembly finds:

 (1) 
Economic development incentives, such as discounted or donated land, are 
critical tools for attracting businesses and creating jobs in South Carolina.

 (2) 
The rapid growth in jobs in certain regions has outpaced housing development, 
leading to housing shortages and increased housing costs for residents.

 (3) 
Setting aside land for affordable housing as part of these incentives will help 
maintain a healthy ratio of jobs to housing permits, ensuring that economic 
growth benefits all residents.

SECTION 3. Chapter 1, Title 11 of the 
S.C. Code is amended by adding:

 Section 
11-1-130. (A) For the purposes of 
this section:

 (1) "Affordable housing" means residential 
housing where monthly costs, including rent or mortgage, do not exceed thirty 
percent of a household's gross income for families earning up to eighty percent 
of the area median income (AMI).

 (2) "Land incentive" means land 
provided, discounted, or otherwise subsidized by state or local governments as 
part of an economic development agreement.

 (3) "Jobs-to-housing ratio" means a measurement 
comparing the number of jobs created to the number of housing permits issued 
within a specified area.

 (B) Whenever land is provided, 
discounted, or subsidized as part of an economic development agreement with a 
new or expanding business, a minimum of fifteen percent of the land must be 
designated for the development of affordable housing.

(C)(1) The affordable 
housing set-aside must be:

(a) developed through a partnership with a housing developer; and

(b) completed within five years of the execution of the economic 
development agreement.

(2) If the designated percentage of land is not suitable for 
residential development, an equivalent value in funding must be contributed to 
an affordable housing trust fund managed by the South Carolina Housing Finance 
and Development Authority.

 (D)(1) The Department of Commerce, in 
collaboration with local planning authorities, shall:

 (a) calculate annually the 
jobs-to-housing ratio in regions where economic incentives are provided; and

 (b) ensure the ratio does not exceed 
one-and-one-half jobs for each housing permit.

 (2) If the ratio exceeds this 
threshold, the state or local government must prioritize affordable housing 
development in future incentive agreements.

 (E)(1) The South Carolina Department of 
Commerce shall oversee compliance with this section, including:

 (a) reviewing economic development 
agreements to ensure land use compliance; and

 (b) publishing an annual report 
detailing the use of land incentives and affordable housing development 
outcomes.

 (2) Violations of this section result 
in:

 (a) suspension of future incentives for 
noncompliant businesses; and

 (b) a mandatory remediation plan to 
address housing shortages caused by noncompliance.

SECTION 
4. This act shall take effect on July 1, 2025, and applies to all economic 
development agreements executed on or after this date.

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This web page was last updated on January 15, 2025 at 03:49 PM