Provides another method for municipalities to identify and calculate private residences as low- and moderate-income housing. This method is in addition to and not in lieu of other methods permitted under law.
Impact
If enacted, S2017 could significantly impact local housing strategies by increasing the number of properties that qualify as low- and moderate-income housing. The bill establishes a framework where municipal governments can count certain residential units as part of their housing inventory, provided that specific income restrictions and conditions are met. This new method aims to help municipalities meet their housing goals more effectively by broadening the criteria for what constitutes low and moderate-income housing.
Summary
S2017 is a legislative bill introduced in the Rhode Island General Assembly aimed at modifying the state's laws related to low and moderate income housing. This bill proposes an additional method for municipalities to identify and calculate private residences as part of their low- and moderate-income housing inventory. The key provision allows for the inclusion of non-income restricted multi-family rental units in this inventory under specific conditions, such as requiring that a certain percentage of these units are deed restricted for low or moderate-income households.
Contention
The passage of S2017 may generate debate regarding its implications for local governance and property rights. Proponents assert that it will provide necessary flexibility for municipalities to address housing shortages effectively. However, opponents may raise concerns about the financial implications of property tax deferrals for low-income residents and the impacts on local revenue generation. The requirement for deed restrictions may also lead to discussions around long-term affordability and consistency in housing policies across the state.