The Post and Courier
October 12, 2020
SC will allow tax increment financing revenue to be used to help construct private affordable housing. This op-ed by George Bullwinkel and Burnie Maybank highlights the significance of this change in the law that gives hope to those seeking housing closer to their jobs.
In what some insiders say should be a model for other states, South Carolina will allow tax increment financing revenue to be used to help construct private affordable housing. A TIF district essentially reallocates funds from property taxes to encourage investment within the established district. So in some of our cities, where jobs are located but quality affordable housing is not, local governments can now incentivize private developers to invest and build quality affordable housing.
The local taxing authorities — city, county and school district — must approve all TIFs before they go into effect. They then have the discretion to allow for new TIF revenue to be spent on affordable housing.
To read the full article click here
Nexsen Pruet serves clients from nine offices across the Southeast. With more than 200 lawyers and professionals, the firm provides regional, full-service capabilities with international strengths.