Bill > HB2595

This bill provides a new framework for municipal housing development by allowing cities and towns to adopt regulations that require up to 20% of new multifamily housing developments (with at least 20 units) to be designated as "attainable residential housing" for up to 20 years. Attainable residential housing is defined as housing for households earning up to 120% of the county's median family income. If municipalities choose to implement such requirements, they must also offer developers incentives to offset potential cost impacts, which can include density bonuses, reduced or waived permitting fees, and expedited permitting processes. Alternatively, cities and towns can choose to have developers contribute to housing funds instead of directly creating attainable housing units. The bill repeals an existing section of law and replaces it with this new, more flexible approach to addressing affordable housing needs at the municipal level, giving local governments more tools to encourage the development of housing that is accessible to middle-income residents.

Government Affairs

https://apps.azleg.gov/BillStatus/BillOverview/82370