The bill amends sections of the General Laws in Chapter 34-18.2, titled "Leased Land Dwellings," to introduce new definitions and establish a right of first refusal for incorporated homeowners associations. It defines "Corporation" as the Rhode Island housing and mortgage finance corporation (RIHousing) and outlines the roles of homeowners associations in relation to leased land.

The bill mandates that RIHousing work with the department of housing, the infrastructure bank, and other appropriate private and public entities to investigate and determine ways to assist incorporated homeowners associations in exercising their rights to purchase leased land under the right of first refusal. It also requires the identification of barriers to transferring these properties to homeowners associations and the formulation of recommendations to address these issues.

Additionally, the bill allows RIHousing to promulgate rules and regulations to implement these provisions. The act is set to take effect upon passage.