The bill grants the town of Narragansett the authority to issue bonds up to $3,000,000 to support affordable housing projects. These projects may include contributions to the town's affordable housing trust, the execution of the town's housing plan, and other related activities as decided by the town council. The bonds, which can be either serial or term, must begin repayment within five years and be fully repaid within thirty years. The town council will determine the specifics of the bond sale, including denominations, maturities, interest rates, and other terms, and the bonds will be signed by the town treasurer and the town council president.

The bill also permits the town council to issue temporary notes in anticipation of the bonds or federal/state aid, with the stipulation that these notes must be repaid within five years. The town treasurer is authorized to invest the proceeds from the bonds or notes and to use town funds for the bill's purposes, with repayment from subsequent bond or note proceeds or other funds. The bill ensures that the bonds and notes are considered obligatory debts of the town, similar to other debts, and are excluded from the town's debt limit. The act will become effective immediately for sections 11 and 12, while the rest will take effect after a majority vote at the general election on November 5, 2024. The bill also includes provisions to maintain the tax-exempt status of the bonds and notes and to prioritize federal laws and regulations over state law in case of inconsistencies.