The bill aims to further regulate the Year-round Market Rate Rental Housing Trust Fund in Provincetown, Massachusetts. It proposes several amendments to Chapter 305 of the Acts of 2016. Notably, it expands the scope of the trust fund to include "year-round ownership opportunities" alongside rental units. Additionally, the management structure of the trust is modified to consist of a board of trustees with five members and two alternate members, as specified in the amendments to Section 2.

Further changes include the rephrasing of the trust fund's name from "Year-round Market Rate Rental Housing Trust Fund" to "Year-Round Market Rate Housing Trust Fund" and the inclusion of ownership in the fund's activities. The bill is set to take effect immediately upon passage, reflecting a comprehensive approach to enhancing housing options in Provincetown.