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State Land Use Enacted Legislation
| Bill # | State | Year | Party | Topic |
|---|---|---|---|---|
H 5955 |
RI | 2025 | D | Affordable housing incentives and financing, Other streamlining, Publicly-owned, Technical assistance |
Provided by Furman
Summary
- Establishes a housing land bank program to be operated by the Rhode Island housing and mortgage finance corporation.
- The program is intended to support the buying, receiving, and holding of real property for development of housing.
- The land must be donated or sold to be developed/owned by an affordable housing developer.
- If the land cannot be redeveloped into affordable housing, the bill authorizes the corporation to sell the property as long as the net proceeds are reinvested in the land bank.
- The bill authorizes the corporation to acquire the property through gift, transfer, exchange, foreclosure, purchase, or any other manner considered proper to further the goal of creating affordable housing.
- Allows municipalities to freely transfer land to the land bank (pursuant to any procedures jointly determined by the land bank and municipality).
- Requires that the corporation report on the property they receive.
- Allows the the corporation to reject proposed transfers of property.
- Property held by the corporation is exempt from legal process including attachment, execution, or any judicial or administrative process while it is held by the corporation (unless it is security for a loan).
- The bill requires that municipalities report to the corporation the amount of real estate assets that are not under current or planned use so that the municipality and corporation can determine if any properties are appropriate for redevelopment.
Provided by lawmakers
Bill Title
AN ACT RELATING TO STATE AFFAIRS AND GOVERNMENT -- HOUSING LAND BANK PROGRAM