The proposed bill establishes a new "Department of Housing Land Bank Program" under CHAPTER 64.35 of Title 42 of the General Laws in Rhode Island, aimed at promoting affordable housing. The program allows the Department of Housing to acquire, manage, and hold real property, including tax-delinquent or abandoned properties, through various means such as donations and transfers from municipalities. The bill outlines procedures for property acquisition, the establishment of an account for real estate assets, and mandates public inspection of related records. It also grants the Department the authority to reject problematic property transfers and ensures that properties in the land bank are exempt from legal processes during their tenure.

Additionally, the bill requires a comprehensive review of surplus real estate assets owned by state and municipal entities, with an updated inventory to be submitted annually to the Department of Housing. If a parcel is suitable for residential development and not planned for use within the next ten years, the public body must negotiate a transfer to the land bank. Key insertions include specific categories of assets the land bank can manage, such as those in flood zones or designated for emergency preparation, and a requirement for public bodies to notify the Department of any real estate asset transfers, granting them the right of first refusal. The act will take effect upon passage, with no deletions from current law noted in the text.