This bill amends the existing law regarding the Housing Opportunity Zone program by introducing new income verification requirements for occupants of housing units within designated zones. Specifically, it allows cities and towns to establish housing opportunity zones where at least one-third of the constructed housing units must be designated for households earning 80 percent or less of the area median income. The bill mandates that property owners or their designees verify occupant income at least at initial occupancy, with the option for municipalities to require verification only at that time. However, income verification cannot occur more frequently than annually. Additionally, owners of accessory dwelling units are exempt from income verification as long as the units remain affordable for qualifying households.

Furthermore, the bill includes provisions to protect tenants whose income initially qualified them for housing but later exceeds the threshold. Such tenants will be allowed to renew their leases for at least one year, provided they are in good standing. The effective date for this act is set for July 1, 2025. Overall, the bill aims to enhance the accessibility of affordable housing while ensuring compliance with income eligibility criteria.

Statutes affected:
Introduced: 79-E:4-c