Bill > S1025

This bill introduces a new concept called a "Housing Priority Zone" to streamline housing development and incentivize affordable housing creation. The bill defines a Housing Priority Zone as a property or district that allows for higher housing density (at least 50% more units than previously allowed), with lot sizes no larger than half an acre, and requiring that a minimum of 40% of units be designated as affordable housing. The bill provides additional incentives for developers, including a bonus unit calculation method where each housing unit in a priority zone is credited at 1.75 units for purposes of calculating consistency with local housing needs. Owners of affordable housing units in these zones will be required to report to local housing authorities every three years to confirm they meet income requirements, ensuring continued affordability. Additionally, the bill introduces a pro-rata property tax assessment method for properties in priority development sites, with taxes calculated from the date of occupancy permit to the end of the fiscal year. These provisions aim to encourage more dense, affordable housing development by offering regulatory and financial incentives to property owners and developers.

Housing and Urban Affairs

https://malegislature.gov/Bills/194/S1025