The proposed bill introduces a new chapter, Chapter 53.1, titled "Tiverton's New Construction Projects Act," to Title 45 of the General Laws concerning towns and cities. This chapter establishes definitions for key terms related to construction projects in Tiverton, such as "bonus units," "building permit," "certificate of occupancy," "preliminary approval," and "final approval." It sets specific timelines for the approval and permitting process, stipulating that the period between preliminary and final approval shall not exceed one year, and the time from final approval to the issuance of a building permit shall not exceed two years. If a building permit is not requested within two years of final approval, the application will be void, requiring the applicant to restart the process.

Additionally, the bill allows for the temporary addition of approved units, including bonus units, to the town's total unit count once a building permit is requested. These units will be permanently added to the count upon the issuance of a certificate of occupancy or after three years from the permit request, whichever comes first. This provision aims to help Tiverton maintain compliance with its housing and development goals while providing flexibility during the construction phase. The act will take effect upon passage.