The bill amends Section 45-24-46.1 of the General Laws in Chapter 45-24, titled "Zoning Ordinances," to modify the inclusionary zoning requirements for affordable housing development. The amendments include a reduction in the minimum percentage of affordable housing units required in a development from 25% to 15%. Additionally, the bill allows for less than 15% affordable units after determining the density bonus described in subsection (c). It also provides alternative methods for the production of affordable housing, such as off-site construction, land donation, or payment of a fee in lieu of constructing affordable units. The bill specifies that the choice of using a fee-in-lieu is at the discretion of the developer or builder.

The bill further revises the density bonus provision, allowing one market rate unit for each affordable unit required, instead of the previous two, and calls for reasonable relief from dimensional requirements to accommodate the bonus density. It also outlines the eligibility for density bonuses, stating that applications utilizing a fee-in-lieu, off-site construction, or land donation are not eligible for the density bonus. The bill mandates that municipalities and the Rhode Island Housing and Mortgage Finance Corporation (RIHMFC) annually report on the use of fee-in-lieu payments. The act is set to take effect on January 1, 2025.

Statutes affected:
2999  SUB A: 45-24-46.1
2999: 45-24-46.1