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 statewide planning program within the department of administration will certify the percentage and amount of low- and moderate-income housing in each municipality annually.

Additionally, the bill modifies Section 16-7.2-3 of the General Laws, establishing a foundation education aid formula that incorporates the new indexing to low- and moderate-income housing levels. The provisions ensure that the calculation of education aid will consider a community's housing achievements after determining the yearly aid amount. This act aims to incentivize communities to enhance their low- and moderate-income housing stock, thereby impacting their education funding positively. The act is set to take effect on January 1, 2026.

Statutes affected:
6003: 16-7.2-3