The bill introduces a new chapter, titled "Tiverton's New Construction Projects Act," to Title 45 of the General Laws, which outlines specific regulations for construction projects in the town of Tiverton. It defines key terms such as "bonus units," "building permit," "certificate of occupancy," "final approval," and "preliminary approval."

The legislation establishes timelines for the approval and permitting process, stipulating that the period between the granting of preliminary approval and final approval must not exceed one year, and the period between final approval and the issuance of a building permit must not exceed two years. If a building permit is not requested within two years of final approval, the application and vesting will be considered void, requiring the applicant to restart the process and resubmit a new application for review and approval.

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 in the town's unit count upon the issuance of a certificate of occupancy or after three years from the date of the building permit request, whichever occurs first. This provision aims to ensure that the town of Tiverton remains in compliance with its housing and development goals while providing flexibility during the construction phase. The act will take effect upon passage.