AN ACT REVISING CERTAIN MUNICIPAL AFFORDABLE HOUSING REQUIREMENTS.

SB 551 revises municipal affordable housing requirements by allowing market-rate housing that meets income thresholds to count toward affordable housing goals, simplifying verification through lease copies or affidavits, and giving municipalities the option to use either area or state median income for calculations. It sets a four-story height limit for new affordable housing developments (with municipal waiver authority) and requires the Department of Housing to study streamlining building permit processes. The bill also adjusts exemption thresholds to 10% of a municipality’s current housing units or those existing as of January 1, 2025. These changes directly affect municipalities implementing housing mandates and developers building affordable units. The policy focuses on expanding housing options and reducing administrative barriers under existing affordable housing statutes.