This bill amends the General Laws in Chapter 45-24 entitled "Zoning Ordinances" to include provisions for inclusionary zoning. It requires that a zoning ordinance requiring the inclusion of affordable housing as part of a development must provide that the housing will be affordable and of comparable size and quality to market-rate housing. It also specifies that the affordable housing must constitute at least 10% of the total units in the development and remain affordable for at least 30 years. The bill also allows for alternative methods of production of affordable housing, such as off-site construction or rehabilitation. It establishes that density bonuses and other incentives shall be provided to offset the differential costs of below-market units. The bill also provides for the payment of a fee in lieu of the construction or provision of affordable housing units, but only for fractions of units. The municipality must deposit all in-lieu payments into restricted accounts that can only be used for the creation and development of affordable housing. The municipality must also maintain a local affordable housing board to oversee the funds and allocate them within five years. Alternatively, the municipality may transfer the in-lieu payments to the housing resources commission or Rhode Island housing for the purpose of developing affordable housing within the community. Rhode Island housing must report to the general assembly and the housing resources commission on the amount of fees in lieu collected, the projects funded with the fees, and the number of units created. The bill takes effect upon passage.

Statutes affected:
876: 45-24-46.1