The bill amends Section 16-7.2-6 of the General Laws under "The Education Equity and Property Tax Relief Act" to establish a new categorical program for education funding related to the costs of educating students who matriculate in a municipality as a result of an affordable housing development. The bill requires the state to credit or reimburse municipalities for the total cost of educating new or additional students entering public education within the district due to these developments. A new affordable housing development is defined as one constructed after the effective date of this subsection and that meets the criteria outlined in 42-128-8.1. The reimbursement provided through this categorical program is intended to be in addition to, and not in lieu of, any payments in lieu of taxes that the municipality may receive. The act is set to take effect on January 1, 2026.

Statutes affected:
6012: 16-7.2-6