§ 45-53-3.1. Formula to include non-income restricted multi-family rental units as low- and moderate-income housing.

(a) In calculating the number of year-round housing units towards meeting the goals of an excess of ten percent (10%) of the year-round housing units consistent with local needs required pursuant to § 45-53-4, rental units in multi-family housing built after June 30, 2022, may be included as low- or moderate-income housing, in accordance with the following conditions:

(1) At least thirty percent (30%) of the units created are deed restricted for households earning not more than sixty percent (60%) of the area median income, adjusted for household size; or

(2) At least fifty percent (50%) of the units created are deed restricted for households earning not more than eighty percent (80%) of the area median income, adjusted for household size; and

(3) The proposed affordable units meet all other requirements of this chapter to be calculated as low- or moderate-income housing; and

(4) All non-deed restricted units developed under the same comprehensive permit shall be included in the low- and moderate-income housing inventory as one-half (0.5) units each.

(b) As used in this section and as applied to this chapter:

(1) €œArea median income (AMI)€ means area median household income as defined by the U.S. Department of Housing and Urban Development, adjusted for household size.

(2) €œMulti-family housing€™' means a building with three (3) or more residential dwelling units or two (2) or more buildings on the same lot with more than one residential dwelling unit in each building.