COLUMBIA, S.C. – Governor Henry McMaster today was joined by North Charleston Mayor Reggie Burgess, members of the General Assembly, and other local leaders for a ceremonial bill signing of H. 3333, the Tax Increment Financing Act, which allows redevelopment authorities (RDAs) at former federal military installations to use Tax Increment Financing (TIF) funds for the development of affordable housing projects.
"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."
A TIF is a public financing tool that allows local governments to invest in redevelopment and pay for it over time using the increased property tax revenues generated by the improvements.
"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," said Mayor Reggie Burgess. "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 created in 1994 to oversee the redevelopment of former military installations and guide public infrastructure improvements. There are currently three military redevelopment authorities in South Carolina – the Charleston Naval Complex Redevelopment Authority, the Myrtle Beach Air Force Base Redevelopment Authority, and the Savannah River Site Redevelopment Authority.
"I am proud to support an initiative that gives our community a meaningful boost," said Senator Sean Bennett. "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 is defined as residential housing for rent or sale that is appropriately priced for a person or family whose income does not exceed 80 percent of the median income for the local area, according to figures released by the U.S. Department of Housing and Urban Development.
"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," said Jay Weaver, Founder and President at Weaver Capital Partners. "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 the deadline for the issuance of debt associated with the eligible redevelopment project from 15 to 35 years.