The bill amends Section 42-128-8.1 of the Rhode Island Housing Resources Act to establish a four-year pilot program, set to expire on December 31, 2029, that allows the secretary of housing to explore alternative underwriting criteria for the development of affordable dwelling units targeted at moderate-income households. Under this program, households earning between 100% and 120% of the area median income will be eligible for affordable housing, with a maximum of 38% of their gross household income allocated for housing costs. The bill specifies that any dwelling unit developed under this pilot program that meets the requirements of the definition of low- or moderate-income housing will be eligible as such. Additionally, the secretary of housing is required to provide updates on the status of the pilot program and any related outcomes as part of the annual integrated housing report. The act will take effect upon passage.

Statutes affected:
5956: 42-128-8.1
5956  SUB A: 42-128-8.1