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H 3970

University Housing Development and Incentive Act

2025-2026 Regular Session Introduced by Heather Bauer and 13 co-sponsors

The act creates incentives and financing to spur affordable student housing near public universities, including tax breaks, grants, and a revolving loan fund.

Member(s) request name added as sponsor: Grant
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Bill Summary · H 3970

Summary — University Housing Development and Incentive Act (H 3970)

Status snapshot
- Bill number: H 3970 — "University Housing Development and Incentive Act"
- Introduced: 02/12/2025 (text shows version filed 02/12/2025)
- Sponsor addition: Grant (requested 02/18/2025)
- Key procedural items provided: referred to committee(s) (Ways & Means; Revenue), hearing scheduled 07/15/2025, reporting date extended to 12/18/2025, and other actions noted in the legislative history supplied.
- Effectiveness: bill takes effect upon gubernatorial approval (per text).

Purpose and intent
- Encourage construction of affordable student housing near public university campuses by creating financial incentives, streamlining approvals, and providing state financing and infrastructure support.

Scope and definitions
- Applies to housing projects serving public universities in the state (text adopts S.C. Code framing).
- “Affordable housing” is defined as units where rent does not exceed 30% of the average student financial aid package or local median income.
- “Student housing development zone” = area within two miles of a public university campus where incentives and zoning adjustments apply.

Key provisions
1. State funding
- Initial appropriation: $50 million to establish a revolving loan fund and grants for infrastructure improvements; additional funding may be appropriated in future sessions.

  1. Approval and oversight

    • Projects must receive commission approval before construction.
    • Developer/university submissions must include:
      • Housing needs assessment (current/projected on‑campus capacity, application/demand data, demonstration of critical shortage).
      • Detailed financial plan (costs, funding sources, repayment schedule).
    • Commission evaluates alignment with affordability/capacity goals, financial viability, repayment assurances, sustainability, and management plans.
    • Approved projects must submit annual reports on occupancy, financial performance, and compliance; the commission will publish an annual review.

  2. Financial incentives

    • Property tax abatement: up to 20 years for projects in a student housing development zone.
    • State income tax credit: equal to 15% of total development costs, capped at $2 million per project.
    • Department of Revenue authorized to promulgate implementing regulations.

  3. Financing and grants

    • Establishes a revolving loan fund to provide low‑interest loans for student housing projects.
    • Grants available for projects that incorporate eco‑friendly designs or enforce affordability guarantees.

  4. Zoning, permitting, and local measures

    • Projects in designated zones eligible for expedited zoning and permitting.
    • Local governments may waive certain zoning restrictions to allow higher‑density housing.

  5. Infrastructure support

    • State funding available for required infrastructure improvements (roads, utilities, broadband) to support projects.

  6. Miscellaneous

    • Severability clause: invalidation of any part of the act would not affect the remainder.
    • Effective on governor’s approval.

Who is affected
- Primary: public universities, developers of student housing, and student households seeking affordable housing near campuses.
- Secondary: local governments (may be asked to waive zoning), state budget/taxpayers (through appropriations, tax abatements/credits), and utilities/infrastructure providers.

Potential impacts and considerations
- Expected positive: increased supply of student housing, incentives for affordability-committed and sustainable design, faster project timelines.
- Fiscal tradeoffs: $50 million initial appropriation and potential further appropriations; lost local and state tax revenue from abatements and credits (credit cap $2M/project; 15% of costs); repayment risk for loan fund and potential need for ongoing state infrastructure investment.
- Administrative: requires a commission to implement approval, monitoring, and reporting; Department of Revenue rulemaking for tax provisions.

Related/administrative notes
- The legislative text supplied also contained unrelated language about Massachusetts (town of Belmont and Chapter 61B reform). The core University Housing provisions are framed as an amendment to Title 59, Chapter 103, of the South Carolina Code (Section 59‑103‑163) in the provided text. Users should confirm jurisdiction and final bill text in the legislative database or captioned chamber for procedural accuracy.

Compiled from official sources — confirm details with the bill’s official record.

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