Governor Henry McMaster has signed H. 3333, the Tax Increment Financing Act, into law during a ceremony in Columbia, South Carolina. The event was attended by North Charleston Mayor Reggie Burgess, members of the General Assembly, and local leaders.
The new law permits redevelopment authorities (RDAs) at former federal military installations to use Tax Increment Financing (TIF) funds for affordable housing projects. TIF is a financial mechanism that enables local governments to invest in redevelopment efforts and pay for them over time using increased property tax revenues resulting from improvements.
“With this signing, our local municipalities will be able to make significant investments in infrastructure, workforce housing, security, and economic development,” said Governor Henry McMaster. “By giving these redevelopment authorities the flexibility to use TIF funds for affordable housing projects, we are helping to strengthen our communities and generate additional investment and opportunity in South Carolina.”
Mayor Reggie Burgess commented on the significance of the legislation for North Charleston: “This law sets the redevelopment of the former Navy Base on a new path, one that strengthens our connection to the military, supports infrastructure, and creates opportunities that will benefit families, businesses, and communities across the state. It gives cities like North Charleston the ability to plan boldly and invest wisely, ensuring that redevelopment serves not just the land it touches, but the people who call this region home.”
Military redevelopment authorities were established in 1994 to manage redevelopment of former military sites and oversee public infrastructure improvements. South Carolina currently has three such authorities: Charleston Naval Complex Redevelopment Authority, Myrtle Beach Air Force Base Redevelopment Authority, and Savannah River Site Redevelopment Authority.
Senator Sean Bennett expressed support for the initiative: “I am proud to support an initiative that gives our community a meaningful boost. This work will revitalize the area and restore it to the special place it once was. I look forward to continuing our work to improve this great community.”
Affordable housing under this law is defined as residential units priced appropriately for individuals or families earning no more than 80 percent of their area’s median income according to U.S. Department of Housing and Urban Development figures.
Jay Weaver, Founder and President at Weaver Capital Partners, described his vision: “This new legislation reflects a shared commitment to breathe new life into the former Naval Base and will ultimately generate economic opportunity for North Charleston and the state. It will also preserve history while creating homes and providing public spaces that will enrich the community. We envision a neighborhood where people from all walks of life will live, work, and thrive, and we look forward to bringing that vision to life in the years ahead.”
The law also extends from 15 years to 35 years the deadline for issuing debt related to eligible redevelopment projects.
