Addresses the increase of single-family residential construction.

Requires counties, cities, and towns collecting impact fees to adopt and maintain a system for the deferred collection of impact fees for single-family detached and attached residential construction.

Allows counties, cities, and towns using the deferral process to withhold certification of final inspection, certificate of occupancy, or equivalent certification until the impact fees have been paid in full.

Requires the joint legislative audit and review committee to review the impact fee deferral requirements.

Requires the department of commerce to prepare an annual report on the impact fee deferral process.