Former military bases across South Carolina are being transformed into new community hubs, and a new state law is accelerating this redevelopment by allowing funding to be used for affordable housing.
Governor Henry McMaster, state lawmakers, and local officials gathered at the site of the former Charleston Naval Base this week to mark the implementation of the new legislation. The law enhances the power of Tax Increment Financing (TIF) districts established on old military properties.
TIF districts allow local governments to invest in infrastructure improvements within blighted or abandoned areas. These initial investments are then repaid using the increased property tax revenues generated by the subsequent redevelopment…