The proposed bill establishes a "Housing Land Bank Program" under the Rhode Island housing and mortgage finance corporation, aimed at creating affordable housing in the state. The program will allow the corporation to acquire real property through various means, including donations, transfers, exchanges, foreclosures, and purchases, and hold it for the purpose of developing affordable housing. The bill outlines the procedures for property acquisition, including the corporation's authority to reject proposed transfers of properties that may pose financial risks, such as polluted or contaminated parcels.

Additionally, the bill mandates municipalities to conduct a review of real estate assets owned or controlled by them that are not currently in use or planned for use, and to provide an inventory of such properties to the corporation and the department of housing. This review is to be conducted by October 1, 2027, and annually thereafter.

The bill also includes provisions for public inspection of records related to the land bank, requiring the corporation to maintain a complete inventory of all properties received for deposit into the land bank, including details such as location, purchase price, and transferor identity.

Furthermore, the bill amends existing laws to allow for the transfer of state-owned land to the Rhode Island housing and mortgage finance corporation or its subsidiaries for the purpose of developing or redeveloping affordable or mixed-income housing. The corporation is required to offer reasonable compensation, informed by an appraisal or independent valuation, for the transfer of state-owned group homes.

This legislation is designed to streamline the process of acquiring and managing properties for affordable housing development, ultimately addressing the housing needs within the state. The act will take effect upon passage.

Statutes affected:
122  SUB A as amended: 37-7-6