The proposed bill introduces a new chapter, titled "Tiverton's New Construction Projects Act," to Title 45 of the General Laws, which governs 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 Tiverton's total housing inventory once a building permit is requested. These units will be permanently counted upon the issuance of a certificate of occupancy or after three years from the permit request, whichever comes first. This provision aims to ensure that Tiverton can maintain compliance with its housing and development goals while providing flexibility to developers during the construction phase. The act will take effect upon passage.