The bill amends Chapter 45-53 of the General Laws by introducing a new section, 45-53-17, which links education aid to a community's success in achieving low- and moderate-income housing goals. Effective January 1, 2026, communities will have a five-year period to meet a target of 10% of year-round housing units or 15% in certain urban areas as low- and moderate-income housing. If a community exceeds these goals, their education aid will increase in a percentage amount equal to the percentage by which they surpass the minimum requirements. The bill also requires the statewide planning program to certify the percentage and amount of low- and moderate-income housing in each municipality annually.

Additionally, the bill amends Section 16-7.2-3 of the General Laws, establishing that the calculation of permanent foundation education aid will incorporate the new indexing to low- and moderate-income housing levels. This means that the education aid amount will be adjusted based on the community's housing achievements after the initial aid amount is determined. The act is set to take effect on January 1, 2026, with the aim of incentivizing communities to enhance their low- and moderate-income housing stock while aligning education funding with these housing goals.

Statutes affected:
6003: 16-7.2-3