The bill amends Section 45-24-46.1 of the General Laws regarding zoning ordinances to establish inclusionary zoning requirements for affordable housing developments in the town of Tiverton, effective January 1, 2025. It mandates that any zoning ordinance requiring affordable housing must ensure that at least 15% of the total units in a development are affordable, remaining so for a minimum of 30 years. The bill specifies that the inclusion of affordable housing is required for developments with a minimum of 10 dwelling units and allows for various methods of fulfilling this requirement, including on-site construction, off-site development, land donations, or payment of a fee in lieu of construction. Additionally, it introduces provisions for density bonuses, allowing municipalities to add one market-rate unit for each affordable unit required, and outlines the process for municipalities to manage fees collected in lieu of affordable housing.

Notably, the bill includes new language that permits the town of Tiverton to determine its density bonuses based on its underlying zoning, which is a significant change from previous regulations. It also establishes guidelines for the fee-in-lieu option, including the calculation of fees based on the difference between the maximum affordable sales price and the average development cost of affordable housing, with a minimum fee set at $40,000 per unit. The bill requires municipalities to allocate these fees for affordable housing development within three years and mandates annual reporting on the fees collected and the projects funded.

Statutes affected:
6176: 45-24-46.1