This bill introduces a comprehensive approach to address housing development and affordability in Rhode Island by establishing the Housing Development Fund under the Department of Housing. The fund will be used to finance various aspects of housing development, including real estate acquisition, project financing gaps, public infrastructure, and support services for housing occupants. It will be financed through a combination of federal and state appropriations, private contributions, loan repayments, and fees. The bill also defines key terms related to housing and creates a housing land bank program, allowing the Department of Housing to acquire and manage real property for development purposes. Municipalities can transfer property to the land bank, which must maintain a public inventory of its assets.

The bill amends existing laws to enhance the Department of Environmental Management's role in real estate asset management, requiring a public inventory of assets and granting the department authority to reject transfers of contaminated parcels. It mandates a review of unused real estate assets by state and municipal entities for potential residential development. The Department of Administration is given additional powers related to property management and utility services. The bill also sets criteria for new housing developments, including affordability requirements and design standards, and establishes programs for the protection and improvement of existing multifamily housing. It encourages municipalities to sponsor affordable housing projects with incentives and adjusts education aid based on additional students from new housing units. The bill includes legal insertions and deletions, such as reducing bonus aid for economic development projects and enforcing minimum affordable housing standards. It transfers certain responsibilities to the Department of Housing and requires compliance with the residential landlord and tenant act for housing units developed with state assistance. Finally, the bill updates the Statewide Planning Program, emphasizing strategic planning and the role of the state planning council, and takes effect upon passage.

Statutes affected:
5978: 42-64-11, 37-6-6, 45-24-28, 42-11-10