Rhode Island Senate Bill S2760

Rhode Island 2024 Regular Session

• Introduced: 3/8/24
• Refer: 3/8/24

Caption

Establishes a housing land bank program with the goal of creating affordable housing in the State of Rhode Island. The housing land bank would have the authority to buy, receive and hold property in furtherance of this goal.

Impact

The implications of S2760 on state law are significant as it amends existing regulations to create a framework for efficient property acquisition for housing purposes. It outlines methods for obtaining properties, including allowing municipalities to freely transfer real property to the land bank. Furthermore, the bill mandates public inspection of records concerning the properties held, thereby enhancing transparency. It also stipulates the process for resolving disputes over property valuation, which may arise when the state and local entities cannot reach an agreement on transfer values.

Summary

S2760 seeks to establish a Housing Land Bank Program in Rhode Island, aiming to create affordable housing through the acquisition and management of real estate properties. The bill empowers the Department of Housing to buy, receive, and hold properties intended for housing development, contributing to the state's initiative for addressing housing shortages. The bill allows for properties to be donated or sold to public housing authorities or non-profit organizations that qualify under the Internal Revenue Code, facilitating broader access to development opportunities for affordable housing.

Contention

Notably, S2760 may face debates concerning the balance of state and local governance, as it centralizes control over certain real estate decisions within the Department of Housing. Proponents argue this approach is necessary for a unified response to the housing crisis, while opponents may express concern about local autonomy and the potential implications of state intervention in property rights. Additionally, the detailed provisions for property handling, including exemptions and public inspection requirements, indicate a structured approach to real estate management, but may also raise questions about implementation and local interests.