The Post and Courier (Greenville) has published an article about tax incentives being used by several South Carolina counties in an effort to provide for affordable housing.
“South Carolina counties with growing populations have housing affordability problems, and to get more affordable units built, some have been repurposing tax incentives typically used to attract manufacturers.
Charleston County is now exploring that option, which Greenville, Spartanburg and Richland counties have already embraced.
The bottom line is that for-profit companies could get property tax breaks if they include homes that people with moderate to low incomes could afford when they develop new housing. The idea is that a multi-year tax reduction would make up for accepting lower rent or sale prices on some units.
‘We would basically be backing off of the property taxation on an affordable development to help close that (financial) gap,’ Steve Dykes, Charleston County’s director of economic development told County Council members at a July 18 meeting…”
Photo copyright The Post & Courier/Grace Beahm Alford