The proposed bill amends Title 45 of the General Laws by adding a new chapter, CHAPTER 53.1, which focuses on tax stabilization for qualifying low- and moderate-income housing in the town of West Greenwich. The chapter defines key terms, including "Exit 7 special management district" and "qualified property," which refers to development projects that meet specific criteria, such as being located within the designated district and containing at least 300 residential housing units, with a minimum of 25% designated as deed-restricted low- or moderate-income housing. The bill outlines the process for the town council to hold public hearings and authorize tax exemptions or stabilization for qualified properties, aiming to address the town's challenges in meeting housing needs.

Additionally, the bill stipulates that any tax exemptions or stabilization granted will last for a maximum of 30 years, contingent upon the property maintaining its status as qualified. It includes provisions for the town council to terminate exemptions if property owners fail to pay taxes after a specified period. The act emphasizes the importance of achieving the town's goal of having 10% of its year-round housing units designated as low- and moderate-income housing. The bill is set to take effect upon passage.