The bill amends Section 45-24-46.1 of the General Laws regarding inclusionary zoning. It allows the town of Tiverton to determine its density bonuses based upon its underlying zoning. The bill states that subsidies may be listed in the zoning ordinance, but shall not be an exclusive list. It also introduces provisions for density bonuses, allowing municipalities to increase the number of market-rate units in proportion to the affordable units provided.

The bill outlines the process for fee-in-lieu payments, which must be used for creating affordable housing and managed by a local affordable housing board. Additionally, it establishes that any unallocated fee-in-lieu payments after three years must be transferred to the executive office of housing for affordable housing development. The act will take effect upon passage.

Statutes affected:
2588: 45-24-46.1