Bill > SB471

This bill authorizes municipalities in New Hampshire to establish affordable housing investment fees, which are financial assessments imposed on new development projects that do not meet local inclusionary zoning requirements. The fees are designed to help municipalities invest in affordable housing by collecting funds from developers during the subdivision, construction, or land use change process. Specifically, the bill requires that these fees be kept in a separate account from the municipality's general fund and can only be spent on affordable housing initiatives through designated entities like the New Hampshire Housing Finance Authority, community development finance authority, local housing authorities, or qualified non-profit organizations. The fees would be assessed during planning board approval or building permit issuance and collected when a certificate of occupancy is issued. Municipalities must prepare an annual report detailing the expenditure of these fees, and the ordinance must include provisions for potential fee waivers. The bill provides a framework for how these fees can be implemented, including appeal processes and collection mechanisms, and allows municipalities to establish their own specific fee structures. The legislation will take effect 60 days after its passage, and while the exact fiscal impact is considered indeterminable, it is anticipated that municipalities could see revenue increases of over $100,000 and modest administrative expenses.

Budget and Finance

https://gc.nh.gov/bill_Status/billinfo.aspx?id=1428&inflect=2