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.”…