Allows a municipality to set its own conveyance tax rate for residential properties sold in excess of $900,000.00 at $10 per $500. Provides collected taxes to be in a restricted account and distributed within 2 years for affordable housing.
Amends the current law on low-income housing to include moderate-income housing and eliminates the income percentages used to determine qualifications for low or moderate income housing.
HB 8006 establishes a special 8% property tax rate for qualifying affordable housing in Rhode Island, instead of standard local tax rates. To qualify, properties must have legal agreements restricting rents to 30% of tenant income for households at or below 80% of area median income (for 40% of units) or 60% AMI (for 30% of units). Conversions of existing non-residential buildings to housing qualify until 2037, with tax rates gradually increasing from 8% to 12% over 30 years. This directly affects property owners of qualifying affordable housing and local governments setting tax policies.
SB 2588 allows the town of Tiverton to set its own density bonuses for housing developments under inclusionary zoning rules, rather than following the standard statewide requirement. The bill amends zoning laws to require 15% affordable housing in developments of 10+ units, with a standard density bonus of one market-rate unit per affordable unit. However, Tiverton is specifically exempted from this standard and may determine its density bonus based on its existing zoning regulations. This directly affects Tiverton developers and residents by giving the town flexibility in how it incentivizes affordable housing. The bill does not change statewide inclusionary zoning rules but provides a local option for Tiverton.
Allows the town of Johnston to receive a one-half (1/2) credit for affordable housing units for manufactured homes in age restricted communities in conformance with all zoning laws and/or ordinances of the town.
Permits but not directs a municipality to establish, by ordinance, certain requirements regarding accessory dwelling units regarding ownership for 5 years, non-family ADUs to be rented at affordable rates and limit size to 1,000 sq. ft.
Allows a municipality to set its own conveyance tax rate for residential properties sold in excess of $900,000.00 at $10 per $500. Provides collected taxes to be in a restricted account and distributed within 2 years for affordable housing.
Amends the current law on low-income housing to include moderate-income housing and eliminates the income percentages used to determine qualifications for low or moderate income housing.
Affordable housing includes an accessory dwelling unit (ADU) where it’s a long-term rental unit in a municipality with no ordinance requiring a minimum lot size for ADUs.
Permits but not directs a municipality to establish, by ordinance, certain requirements regarding accessory dwelling units regarding ownership for 5 years, non-family ADUs to be rented at affordable rates and limit size to 1,000 sq. ft.
