This bill establishes the Housing Development Fund under the Department of Housing to promote the development, redevelopment, and update of housing in the state. The fund can be used for various purposes, including financing real estate acquisition, filling project financing gaps, financing public infrastructure, and providing support services for occupants of housing units. The bill also establishes a program called the "housing land bank" and creates an account for the department to deposit real estate assets. The department is given the authority to acquire real property and interests in real property and deposit them into the land bank. The bill also includes provisions regarding the powers of the department, the application process for assistance, and the sale of real estate assets by public bodies. The bill aims to facilitate the development of new housing units and ensure the provision of water supply to properties and projects of the department.

This bill proposes amendments to current law regarding housing development criteria, the administration of a program for the production and ownership of new or rehabilitated multifamily housing, and the creation of a program to rehabilitate multifamily housing units. The bill also encourages municipalities to approve and sponsor affordable housing and workforce eligible housing development. The bill includes several insertions to current law, including requirements for municipalities to notify the department if they are unable to approve a project, coordination between the department and the Rhode Island infrastructure bank, and restrictions on the disposition of projects and housing units. The bill also proposes amendments related to the sale of workforce eligible housing, reporting requirements for the Department of Housing, compliance with the Residential Landlord and Tenant Act, and the controlling nature of this chapter over any inconsistent laws or ordinances. The bill repeals certain provisions of zoning ordinances and clarifies that certain chapters on zoning are not superseded by this chapter.

Statutes affected:
866: 42-64-11, 37-6-6, 45-24-28