(a)   Findings and declarations. The general assembly finds and declares that in order to increase the availability of residential housing near convenient public transportation, alleviate traffic congestion, and further the goals of chapter 6.2 of Title 42, the Act on Climate, enacted in 2021, there is a need to identify growth centers for higher density housing, considering the capacity for water service, sewer service, transit connections, and employment centers.

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(b)   Establishment. To fulfill the findings and declarations of this section, a transit-oriented development pilot program is hereby established that shall allow municipalities to apply for funds for residential development.

(c)   Applicability. Effective January 1, 2024, in addition to the criteria to be established by the department of housing as set forth in subsection (d) of this section, to qualify for the pilot program, a municipality must have developable land or properties that is within a one-quarter (¼) mile radius of a regional mobility hub or a one-eighth (?) mile radius of a frequent transit stop as such terms are defined in the 2020 Rhode Island transit master plan or its successor document.

(d)   Authority. The department of housing, in conjunction with input and data from the department of transportation and division of statewide planning, is hereby authorized to promulgate rules and regulations consistent with this section that establish:

(1)  The criteria to qualify for consideration into the pilot program;

(2)  The process for the application, submission requirements and pre-requisites, including, but not limited to, an established zoning overlay district or other provisions that provide increased density for residential development at a minimum of ten units per acre (10 U/A), mandates for the development of affordable housing, and the easing of dimensional restrictions and parking requirements for such development;

(3)  Criteria for acceptance into the pilot program;

(4)  Reporting requirements for municipalities accepted into the pilot program; and

(5)  Penalties for lack of compliance with the pilot program regulations.

(e)   Reporting. Beginning on December 31, 2024, the department of housing shall publish an annual report regarding development under this pilot program, funds distributed and/or committed, and such report shall include categories of metrics and data agreed upon by the department of housing, department of transportation, and the participating municipalities.