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 municipalities 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 cities or towns determine the frequency of income verification for occupants, requiring verification at least at initial occupancy, but not more frequently than annually. Additionally, property owners of accessory dwelling units are exempt from income verification as long as the units remain affordable for qualifying households.

Furthermore, the bill includes a provision that allows tenants whose income initially qualified but later exceeded the threshold to renew their lease for at least one year, provided they are in good standing. The effective date for this act is set for July 1, 2025. The new legal language inserted into the current law includes specific guidelines for income verification and tenant lease renewal, while no deletions from the existing law are noted in the provided text.

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