The bill amends Section 45-24-46.1 of the General Laws regarding inclusionary zoning. It allows the town of Tiverton to determine its density bonuses based upon its underlying zoning. The act specifies that subsidies may be listed in the zoning ordinance, but shall not be an exclusive list. The bill also introduces provisions for density bonuses, allowing municipalities to increase the number of market-rate units in developments that include affordable housing.

Additionally, the bill 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. Municipalities are required to report annually on the fees collected and the projects funded. The act is set to take effect upon passage, with specific provisions becoming effective on January 1, 2025.

Statutes affected:
6176: 45-24-46.1