The bill authorizes the commissioner of the division of capital asset management and maintenance to release certain land use restrictions in the city of Revere. Specifically, it removes restrictions that limit the use of a parcel to parking purposes only and prevents the owner from using the parcel to enhance the floor area ratio of adjacent properties. Additionally, it eliminates the right of reverter associated with the land, which was previously reserved through a deed to the Festa Towers Irrevocable Trust.

In exchange for this release, the bill mandates that the owner of the land must pay the full and fair market value of the restrictions, as determined by an independent appraisal reviewed by the inspector general. The bill also stipulates that at least 10% of all housing units developed on the released parcels must be designated as affordable housing for households earning up to 80% of the area median income, ensuring affordability for a period of 20 years. The owner is responsible for all associated costs related to the conveyance process.