Establishes a program operated by the Rhode Island housing and mortgage finance corporation called the "housing land bank" to create affordable housing in RI with the authority to buy, receive, and hold real property for housing development.
Impact
The program established by S0122 is expected to have significant implications for state laws related to housing and urban development. This legislative effort seeks to streamline the process of acquiring and developing properties into affordable housing. Through the mechanisms facilitated by the housing land bank, the state government aims to tackle the housing crisis by providing a structured approach for local entities to work with the corporation in identifying surplus real estate assets that can be repurposed for housing development. Moreover, the inclusion of provisions for public inspection of land bank records is targeted to enhance transparency in how properties are managed and developed.
Summary
S0122, also known as the Housing Land Bank Program Act, aims to establish a program under the Rhode Island Housing and Mortgage Finance Corporation dedicated to creating and promoting affordable housing in the state. This program will allow the corporation to purchase, receive, and hold real property for the purpose of developing housing that is affordable to residents. The intent is to facilitate increased accessibility to housing for lower-income families by utilizing real estate assets strategically held by the corporation.
Sentiment
The general sentiment surrounding S0122 has been optimistic among supporters, who view the creation of a land bank as a vital strategy for addressing the growing demand for affordable housing in Rhode Island. Many stakeholders argue that by coordinating property acquisition and development efforts, the program can efficiently direct resources toward communities in need. However, there are concerns from some community members and local officials about potential impacts on local governance and decision-making regarding land use, emphasizing the need for collaborative engagement between state, local entities, and community advocates.
Contention
Notable points of contention arise around the control and authority granted to the Rhode Island Housing and Mortgage Finance Corporation in determining how properties in the land bank are developed. Critics argue that this central authority may inadvertently undermine local municipalities' ability to make nuanced decisions that reflect the needs and preferences of their communities. Additionally, the delineation of guidelines for evaluating properties and ensuring that redevelopment aligns with community goals remains a critical area of focus as the bill progresses through legislative scrutiny.
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.
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.
Increases conveyance tax for residential properties sold above $2,000,000 to a rate of $3.30 per $500, to be collected for RI housing for elderly affordable housing development. Provides and exemption to any entity developing elderly affordable housing.
Increases conveyance tax for residential properties sold above $2,000,000 to a rate of $3.30 per $500, to be collected for RI housing for elderly affordable housing development. Provides and exemption to any entity developing elderly affordable housing.
Authorizes the department of housing to issue bonds in the amount of $50,000,000 with a maturity date not to exceed 20 years, to establish the housing production revolving fund, to promote the development of housing and ensuring more affordable housing.