The bill amends the Rhode Island Housing and Conservation Trust Fund Act, revising definitions, board composition, and fund allocation. It changes the term "lower income" to "low- or moderate-income households" and expands eligible applicants to include licensed companies in Rhode Island. The scope of eligible activities is broadened to encompass various agricultural uses. The board's composition is increased from nine to fifteen members, with eleven public members appointed by the governor, representing diverse interests. The bill removes the provision for general assembly appointments as of July 9, 2005, and requires new board members to attend a training course. Additionally, the bill outlines the appointment process, term limits, and the governor's authority, including the selection of the chairperson and the power to remove members for cause.

The bill establishes the Rhode Island Housing and Conservation Trust Fund, to be distributed by the Rhode Island Infrastructure Bank and administered by the board, with its own designated account separate from the state general fund. It increases the annual fund allocation for housing and conservation projects from 25% to 35% each, with the remaining 30% for either purpose, prioritizing combined projects. Administrative costs are capped at 5% of the board's total annual budget. Housing projects must ensure affordability for 99 years, with the board having the first right of refusal on sales or transfers, while conservation projects must maintain their purpose indefinitely. The board is empowered to manage grant applications and allocations, and the act increases board membership to fifteen. The bill is effective immediately upon passage.