Governor Henry McMaster held a ceremonial signing for H. 3333, known as the Tax Increment Financing Act, in Columbia, South Carolina. The event was attended by North Charleston Mayor Reggie Burgess, members of the General Assembly, and other local officials.
The new law allows redevelopment authorities at former federal military installations to use Tax Increment Financing (TIF) funds for affordable housing projects. Governor McMaster stated, “With this signing, our local municipalities will be able to make significant investments in infrastructure, workforce housing, security, and economic development. 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.”
A TIF is a financial mechanism that lets local governments fund redevelopment efforts by using future increases in property tax revenues generated from those improvements.
Mayor Reggie Burgess commented on the significance of the law: “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 oversee public infrastructure improvements at former military sites. Currently there are three such authorities in South Carolina: Charleston Naval Complex Redevelopment Authority, Myrtle Beach Air Force Base Redevelopment Authority, and Savannah River Site Redevelopment Authority.
Senator Sean Bennett expressed his support: “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 legislation refers to homes priced for individuals or families earning no more than 80 percent of their area’s median income as determined by U.S. Department of Housing and Urban Development data.
Jay Weaver of Weaver Capital Partners also spoke about future plans: “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,” he said. “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.”
Additionally, H. 3333 extends how long debt can be issued for eligible redevelopment projects from 15 years up to 35 years.
