The proposed bill amends the Rhode Island Housing and Conservation Trust Fund Act by updating definitions and restructuring the Rhode Island housing and conservation board. Key insertions include a new definition for "agricultural land" and a revised definition for "low- or moderate-income households," aligning it with state standards. The bill expands the definition of "eligible applicants" to include licensed companies and organizations focused on housing and conservation. Additionally, the board's membership is increased from nine to fifteen, with eleven members appointed by the governor to ensure diverse representation. Newly appointed members will be required to undergo training within six months, enhancing the board's effectiveness in addressing housing and conservation needs.

Significant governance changes are also proposed, including the removal of a previous provision that required general assembly members to cease their commission membership by July 9, 2005, and the establishment of a deadline for board appointments by December 31, 2026. The bill introduces three-year terms for public members, with a limit of two consecutive terms, and allows the governor to remove members for cause. It also modifies fund allocation, increasing the percentage for housing and conservation projects to thirty-five percent each, while introducing a long-term deed restriction for affordable housing units. The requirement for perpetual availability of affordable units is deleted, replaced by a stipulation for affordability for at least ninety-nine years. The act will take effect upon passage.