SC Realtors aim to RID infrastructure woes
FOR IMMEDIATE RELEASE
COLUMBIA, S.C. (March 28, 200 
— In an effort to improve the quality of life for South Carolina residents, South Carolina Realtors are supporting House Bill 4745. The concept, developed by Rep. Mick Mulvaney of Lancaster and York Counties, proposes an ingenuitive solution to help fast-growing areas finance infrastructure projects through Residential Improvement Districts (RID).
Funds collected from the RIDs would be used for improvements that benefit homeowners within the RID area such as roads, fire and police stations, recreation facilities and new school construction. The bill is similar to a Tax Increment Financing (TIF) District, where residential homeowners living within the RID pay a slightly higher tax rate to their local government over a set number of years. This extra revenue funds government bonds from private banks. These funds pay for improvements within the RID and directly benefit homeowners, while reducing fees and taxes paid at the time of purchase.
As advocates for our communities, Realtors support solutions that open the doors for potential homeowners. SCR President Andy Walker affirms, “Homeownership is the American Dream. When taxes and fees are placed on top of the cost of a house, the additional cost eliminates many South Carolinians from the housing market and achieving the American Dream.”
Rep. Annette Young and the many co-sponsors of H.4745 recognize that homeownership is the American dream. South Carolina Realtors believe that Residential Improvement Districts will allow afford local governments the flexibility needed to adequately meet the infrastructure challenges of growing communities, while offering the necessary protections to working South Carolinians trying to achieve the American dream of homeownership. Together, we can get RID of overburdened infrastructure, congested roads, and overcrowded schools.
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South Carolina REALTORS® is the largest professional trade association in the state, serving as the voice of real estate for more than 21,000 members involved in all aspects of the residential and commercial real estate industries. REALTOR® is a registered trademark that identifies a professional in real estate who subscribes to a strict code of ethics as a member of SCR and the National Association of REALTORS®.
