The bill amends Section 45-24-46.1 of the General Laws regarding inclusionary zoning, which allows municipalities to establish zoning ordinances that may include provisions for affordable housing. The act specifies that the town of Tiverton shall be allowed to determine its density bonuses based upon its underlying zoning. It also states that subsidies may be listed in the zoning ordinance, but shall not be an exclusive list.

The bill introduces provisions for density bonuses, permitting municipalities to increase the number of market-rate units in developments that include affordable housing. Additionally, it outlines the process for fee-in-lieu payments, specifying that these funds must be used for creating affordable housing and must be allocated within three years of collection. Municipalities are required to maintain a local affordable housing board to oversee these funds and report annually on the fees collected and the projects funded.

The act is set to take effect upon passage and includes a provision that it will be effective starting January 1, 2025.

Statutes affected:
6176: 45-24-46.1