The horror author and his wife, Tabitha, received approval on October 16 from the Bangor City Council in Maine to rezone their house as a non-profit.
As Rolling Stone pointed out, the historical mansion will house an archive of King's work with restricted visits available only by appointment. The guest house will also serve as a writer's retreat, for up to five wordsmiths at a time.
"The King Family has been wonderful to the city of Bangor over time and have donated literally millions of dollars to various causes in the community. Preserving his legacy here in Bangor is important for this community," Ben Sprague, who is one of the city councillors, said in a statement.
These restrictions represent an effort to limit crowds of tourists from bothering the neighbours of the residential area in which the King mansion is located.
Over the years, the red-bricked house at 47 West Broadway has become a tourist attraction for horror fans, who often take photos in front of its ornate iron gate decorated with winged creatures and spiderwebs.
According to their attorney, the Kings have not resided in Bangor in recent years, and spend much of their time on the road or in Florida and Oxford County, Maine.
The author has always spoken highly of the city, which even served as inspiration for the fictional town of Derry, Maine, in which his 1986 bestseller "It" is set.
"I hope that when local people read it, they will sense that those awful things have been informed with a larger love for the place and the people. The love of a resident," King wrote in a 1983 essay, which is now owned by the Bangor Historical Society.
In other news, the horror master will release his new novel, "If It Bleeds," on May 3, 2020.
Although details about the project are still scarce, the book will include four original novellas that, according to publisher Scribner, will "pull readers into intriguing and frightening places."