This bill amends Section 44-3-9 of the General Laws to require cities and towns to implement affordable housing requirements for developers of tax stabilization applications for developments of five or more housing units. The affordable housing units must be equal to 18% of the market-rate units developed, and they must be comparable in size and quality to the average of all market-rate housing units in the development. If there is a remainder in the calculation, the developer may be required to contribute an amount equivalent to the remainder to a city or town account for affordable housing. Affordable housing is defined as housing for sale or rent with costs that do not exceed 30% of the gross annual income of a household earning up to 80% of the Providence-Fall River, RI-MA metropolitan area median income. This act would take effect upon passage.

Statutes affected:
90: 44-3-9