This bill amends the General Laws to include non-income restricted multi-family rental units as low- and moderate-income housing. It specifies that at least 30% or 50% of the units created must be deed restricted for households earning not more than 60% or 80% of the area median income, respectively. The bill also allows residential units occupied by owners to be counted towards meeting the goals of low- and moderate-income housing, as long as the owners meet certain income eligibility standards. Municipalities may offer property tax deferrals to these residents and establish a restricted receipt account known as the "LMIH Subsidy Fund." The bill takes effect upon passage.

Statutes affected:
588: 45-53-3.1