Rhode Island H7153 changes the fee structure for affordable housing to 150% of the cost of developing a single-family home or a condominium unit.

Rhode Island H7153 amends the per-unit fee structure for affordable housing, setting it at 150% of the cost of developing a single-family home or a condominium unit. The bill specifies that the fee must be at least $40,000 per unit. It also outlines that the fee will be based on the average cost of developing affordable homes over the previous three years, excluding those receiving preservation financing. The bill takes effect upon passage.

Rhode Island H7153 changes the fee structure for affordable housing to 150% of the cost of developing a single-family home or a condominium unit.

Rhode Island H7153 amends the per-unit fee structure for affordable housing, setting it at 150% of the cost of developing a single-family home or a condominium unit. The bill specifies that the fee must be at least $40,000 per unit. It also outlines that the fee will be based on the average cost of developing affordable homes over the previous three years, excluding those receiving preservation financing. The bill takes effect upon passage.