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 multifamily 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 as attainable residential housing for a period of up to twenty years, specifically for projects with at least twenty units. Additionally, it mandates that if such regulations are adopted, municipalities must also provide incentives to developers to offset costs, which may include density bonuses, reduced or waived permitting fees, and expedited permitting processes.

Furthermore, the bill allows municipalities the option to condition building permits on contributions to funds aimed at creating attainable residential housing instead of directly regulating the percentage of affordable units. It also defines "attainable residential housing" as housing for households earning up to one hundred twenty percent of the median family income for the respective county. Overall, the bill aims to enhance the availability of affordable housing while providing flexibility and incentives for developers.

Statutes affected:
Introduced Version: 9-461.16