H3750

Equitable Development and Affordable Housing Act mandates affordable housing development in economic incentive agreements.

The Equitable Development and Affordable Housing Act requires that economic development agreements include a set-aside of land for affordable housing. The South Carolina Department of Commerce oversees compliance, ensuring that at least fifteen percent of land is designated for affordable housing if the jobs-to-housing ratio exceeds one-and-one-half jobs per housing permit. Affordable housing is defined as residential housing where monthly costs do not exceed thirty percent of a household's gross income. Violations result in suspension of future incentives and a mandatory remediation plan.