The bill amends Section 45-24-46.1 of the General Laws regarding inclusionary zoning, which allows municipalities to establish requirements for affordable housing in new developments. The act specifies that zoning ordinances may include various methods for fulfilling affordable housing requirements, such as on-site construction, off-site development, land donations, or payment of a fee in lieu of construction. It mandates that a minimum of fifteen percent (15%) of total units in a development must be designated as affordable housing, which must remain affordable for at least thirty (30) years and can be enforced through land leases or deed restrictions. The threshold for requiring affordable housing cannot exceed ten (10) dwelling units.

Additionally, the bill includes a provision that allows the town of Tiverton to determine its density bonuses based upon its underlying zoning. It also outlines that subsidies may be listed in the zoning ordinance but shall not be an exclusive list. The act requires municipalities and the Rhode Island Housing and Mortgage Finance Corporation (RIHMFC) to report annually on the fees collected and the projects funded. The act is set to take effect upon passage.

Statutes affected:
6176: 45-24-46.1