This bill proposes to repeal the existing section 9-461.16 of the Arizona Revised Statutes and replace it with new provisions regarding municipal planning related to attainable residential housing. The new statute allows cities and towns to adopt regulations that require up to twenty percent of new multifamily housing units to be priced for attainable residential housing for a period of up to twenty years, specifically for projects with at least twenty units.

Additionally, the bill mandates that if municipalities implement such regulations, they must also provide incentives to developers to offset costs, which may include density bonuses, reduced or waived permitting fees, and expedited permitting processes. Alternatively, municipalities can condition building permits on contributions to funds aimed at creating attainable residential housing. The bill defines "attainable residential housing" as housing for households earning up to 120% of the median family income for the respective county.

Statutes affected:
Introduced Version: 9-461.16