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S. 1332
STATUS INFORMATION
General Bill
Sponsors: Senator Moore
Document Path: l:\council\bills\gjk\21080sd06.doc
Introduced in the Senate on April 11, 2006
Currently residing in the Senate Committee on Judiciary
Summary: Low or moderate income rental property
HISTORY OF LEGISLATIVE ACTIONS
Date Body Action Description with journal page number
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4/11/2006 Senate Introduced and read first time SJ-6
4/11/2006 Senate Referred to Committee on Judiciary SJ-6
4/11/2006 Senate Referred to Subcommittee: Martin (ch), Malloy, Campsen,
Williams
View the latest legislative information at the LPITS web site
VERSIONS OF THIS BILL
TO AMEND SECTION 4-9-195, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE AUTHORITY OF THE GOVERNING BODY OF ANY COUNTY BY ORDINANCE TO GRANT SPECIAL PROPERTY TAX ASSESSMENTS TO REAL PROPERTY WHICH QUALIFIES AS EITHER REHABILITATED HISTORIC PROPERTY OR AS LOW AND MODERATE INCOME RENTAL PROPERTY, SO AS TO REVISE THE MANNER IN WHICH AND CONDITIONS UNDER WHICH LOW AND MODERATE INCOME RENTAL PROPERTY IS ELIGIBLE TO RECEIVE THE SPECIAL PROPERTY TAX ASSESSMENTS AUTHORIZED BY THIS SECTION.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Subsections (B) and (C) of Section 4-9-195 of the 1976 Code, as last amended by Act 292 of 2004, is further amended to read:
"(B) As used in this section unless otherwise provided:
(1) 'Historic designation' means the owner of the property applies for and is granted historic designation by the county governing body for the purpose of the special property tax assessment based on one or more of the following reasons:
(a) the property is listed in the National Register of Historic Places;
(b) the property is designated as a historic property by the county governing body based upon criteria established by the county governing body and is at least fifty years old; or
(c) the property is at least fifty years old and is located in a historic district designated by the county governing body at any location within the geographical area of the county.
(2) 'Approval of rehabilitation work' means the proposed and completed rehabilitation work is approved by the reviewing authority as appropriate for the historic building and the historic district in which it is located.
(3) 'Minimum expenditures for rehabilitation' means the owner or his estate rehabilitates the building, with expenditures for rehabilitation exceeding the minimum percentage of the fair market value of the building established by the county in its ordinance. The county governing body may set different minimum percentages for owner-occupied property and income producing real property, between twenty percent and one hundred percent.
(4) 'Special assessment period' means the county governing body shall set the length of the special assessment in its ordinance of not more than twenty years.
(5) 'Preliminary certification' means a property has met the following conditions:
(a) the owner of the property applies for and is granted historic designation by the county governing body; and
(b) the proposed rehabilitation receives approval of rehabilitation work from the reviewing authority.
A county governing body may require that an owner applies for preliminary certification before any project work begins.
(6) 'Final certification' means a property has met the following conditions:
(a) the owner of the property applies for and is granted historic designation by the county governing body;
(b) the completed rehabilitation receives approval of rehabilitation work from the reviewing authority; and
(c) the minimum expenditures for rehabilitation were incurred and paid.
(7) 'Reviewing authority' for approval of rehabilitation work pursuant to this section is defined as:
(a) the board of architectural review in counties with a board of architectural review with jurisdiction over historic properties operating pursuant to Section 6-29-870;
(b) in counties without a board of architectural review with jurisdiction over historic properties, the county governing body may designate another qualified entity with historic preservation expertise to review the rehabilitation work; or
(c) if the county governing body does not designate another qualified entity, the Department of Archives and History shall review the rehabilitation work. No separate application to the department is required for properties receiving preliminary and final approval for the federal income tax credit allowed pursuant to Section 47 of the Internal Revenue Code or the state income tax credit allowed pursuant to Section 12-6-3535.
(8) 'Rehabilitated historic property' means the property has met all the criteria for final certification.
(C)(1) 'Low and moderate income rental property' is eligible for certification if:
(1) the property provides accommodations under the Section 8 Program as defined in the United States Housing Act of 1937 and amended by the Housing and Community Act of 1974 for low and moderate income families and persons as defined by Section 31-13-170(p); or
(2) in the case of income-producing real property, the expenditures for rehabilitation exceed the appraised value of the property; and
(3) if the low and moderate income housing rehabilitation is located in an area designated by the local government as a Low and Moderate Housing Rehabilitation District; and
(4) the owner or estate of any property certified as 'low and moderate income rental property' takes no actions which cause the property to be unsuitable for such a designation. The county governing body granting the initial certification has the authority to decertify property in these cases, and the property becomes immediately ineligible for the special tax assessments provided for this type of property; and
(5) if the property qualifies as 'historic' as defined in subsection (B)(1), then the rehabilitation work must be approved by the appropriate reviewing authority as provided in subsections (B) and (D). means property which provides accommodations under the Section 8 Program as defined in the United States Housing Act of 1937 and amended by the Housing Community Act of 1974 for low and moderate income families and persons as defined by Section 31-13-170(p), and which is located in an area designated by the local government as a low and moderate housing rehabilitation district.
(2) Low and moderate income rental property may receive preliminary certification once the county governing body certifies that the property meets the definition of 'low and moderate income rental property' as provided in item (1).
(3) Low and moderate income rental property may receive final certification once the county governing body certifies that the property meets the definition of 'low and moderate income rental property' as provided in item (1) and the minimum expenditures for rehabilitation have been incurred and paid.
(4) If the low and moderate income rental property also qualifies under (B)(1)(a), (b), or (c), the owner of the property must also receive approval of the rehabilitation work before receiving preliminary or final certification."
SECTION 2. This act takes effect upon approval by the Governor.
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