The bill proposes the establishment of a "first-time homebuyers and veterans revolving fund" within the Rhode Island Housing and Mortgage Finance Corporation. This fund is designed to assist first-time homebuyers and veterans with acquiring the necessary funds for an initial down payment on a home in Rhode Island by providing grants. The fund will consist of appropriations from the state, as well as donations, gifts, bequests, or other contributions from public or private sources. An initial appropriation of thirty million dollars ($30,000,000) is authorized to establish the fund. The Rhode Island housing and mortgage finance corporation will be responsible for the administration and disbursement of funds, in conjunction with the office of veterans affairs and community groups.

The revolving fund will provide grants to eligible first-time homebuyers or veterans purchasing a single-family home or condominium in Rhode Island, with the maximum home price being the median market price as determined by the Rhode Island Realtors Association. Eligibility criteria include a minimum credit score of 620, completion of a homebuyer education course, obtaining a RI housing-funded first-mortgage, and occupying the home as a primary residence during loan repayment. The fund will match down payments up to forty thousand dollars ($40,000) and qualified applicants will also be eligible for a special interest rate loan from RI housing that is 1% lower than standard rates, with certain conditions. The term "veteran" is defined within the bill to include those who served on active duty and meet specific criteria. The act is set to take effect on July 1, 2024.