South Carolina Code 6-4-12. Housing impact analysis
(B) The analysis required by subsection (A) must include:
Terms Used In South Carolina Code 6-4-12
- Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
- Ordinance: means an ordinance adopted pursuant to § 6-29-530. See South Carolina Code 6-4-5
- Workforce housing: means residential housing for rent or sale that is appropriately priced for rent or sale to a person or family whose income falls within thirty percent and one hundred twenty percent of the median income for the local area, with adjustments for household size, according to the latest figures available from the United States Department of Housing and Urban Development (HUD). See South Carolina Code 6-4-5
(1) information about the effect of the ordinance on housing, including the effect of the ordinance on each of the following:
(a) the cost of developing, construction, rehabilitating, improving, maintaining, or owning single-family or multifamily dwellings;
(b) the purchase price of new homes or the fair market value of existing homes;
(c) the cost and availability of financing to purchase or develop housing;
(d) housing costs; and
(e) the density, location, setback, size, or height development on a lot, parcel, land division, or subdivision; and
(2) an analysis of the relative impact of the ordinance on low- and moderate-income households.
(C) The following applies to information on housing costs required to be included in the analysis conducted pursuant to subsection (B)(1)(d):
(1) the analysis must include reasonable estimates of the effect of the ordinance on housing costs, expressed in dollar amounts. The local government shall include a brief summary of, or worksheet demonstrating, the computations used in determining the dollar amounts. However, if the local government determines that it is not possible to make an estimate expressed in dollar amounts, then the analysis must include a statement setting forth the reasons for the local government’s determination; and
(2) the analysis must include descriptions of both the immediate effect and, to the extent ascertainable, the long-term effect of the ordinance on housing costs.
(D) Except as otherwise provided in this section, a housing impact analysis required pursuant to this section must be based on costs associated with the development, construction, financing, purchasing, sale, ownership, or availability of a median-priced single-family residence. However, the analysis may include estimates for larger developments as part of an analysis of the long-term effects of the ordinance.
(E) A local government may request information from any state agencies, local units of government, universities or colleges, organizations, or individuals as necessary to prepare a housing impact analysis pursuant to this section.
(F) The local government shall provide the housing impact analysis for an ordinance to the members of the legislative body of the local government, the Department of Revenue, and the Tourism Expenditure Revenue Committee before the ordinance is considered by the legislative body. The Department of Revenue may not disburse any accommodations taxes to the local government for purposes of development of workforce housing unless and until the local government has provided the housing impact analysis to the parties required pursuant to this subsection.