This bill establishes a new Affordable Accessory Dwelling Units (ADU) Incentive Program aimed at supporting lower-income homeowners. It amends RSA 674 by inserting a new section, 674:73-a, which outlines the program's framework. The program will be administered by the Department of Business and Economic Affairs (BEA) and will utilize the existing structure of the Invest NH Municipal Grant Program. The BEA will set specific income limits and eligibility criteria to ensure that the program effectively benefits lower-income homeowners. Homeowners who qualify and create affordable ADUs will receive a per-unit incentive, with the amount determined by the BEA.

Additionally, the bill mandates that participating homeowners adhere to rental rate limits to maintain affordability, with criteria defined by the BEA. Homeowners must submit annual reports to the BEA detailing rental rates and occupancy status to ensure compliance with these requirements. The program will be funded through the same source as the Invest NH Municipal Grant Program but will operate as a separate initiative. The BEA is granted the authority to enforce compliance and impose penalties for non-compliance. The act will take effect 60 days after its passage.

Statutes affected:
Introduced: 72:41
As Amended by the House: 72:41
Version adopted by both bodies: 72:41
CHAPTERED FINAL VERSION: 72:41