AN ACT RELATING TO TOWNS AND CITIES -- ZONING ORDINANCES

This bill amends Rhode Island zoning laws to allow the town of Smithfield to set its own density bonuses for developments that include affordable housing. The legislation establishes requirements for inclusionary zoning, mandating that at least 15% of units in qualifying developments remain affordable for 30 years, while also permitting municipalities to offer incentives like additional market-rate units or reduced lot sizes to encourage affordable housing. Developers can choose to build affordable units on-site, off-site, through land donations, or by paying a fee, though those opting for fees or off-site construction cannot receive density bonuses. The bill also sets minimum standards for affordable housing fees and outlines how municipalities must manage and allocate these funds for future affordable housing projects.