The bill proposes an amendment to Chapter 45-25 of the General Laws, specifically adding a new section titled "45-25-15.2. Section 8 performance-based contract administration program." This new section designates the Rhode Island Housing and Mortgage Finance Corporation (RIHMFC) as the sole public housing authority and agency authorized to administer housing assistance programs for low- or moderate-income individuals in the state of Rhode Island, with a few exceptions. These exceptions include the RIHMFC itself, any person or entity authorized by the RIHMFC, and any organization that the RIHMFC is a part of and that is authorized by a federal agency to administer such allocations in the state.

The bill also grants the RIHMFC additional powers necessary for the administration of federal monies related to housing assistance. These powers include entering into agreements for the administration of federal monies on a statewide basis, being a part of various types of organizations, conducting activities and locating offices within or outside the state in compliance with applicable laws, carrying on a business to further its purposes, and doing all things necessary or convenient to further its activities and affairs. The act would take effect upon passage. There are no deletions mentioned in the provided text.