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% or less of the area median income. The bill mandates that cities or towns determine the frequency of income verification for occupants, requiring property owners to verify income at least at initial occupancy, but not 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 exceeded 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 these changes is set for July 1, 2025. Overall, the bill aims to enhance the integrity of the housing opportunity zones by ensuring that the intended beneficiaries are indeed the ones occupying the units.

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