The bill amends the Rhode Island Housing and Conservation Trust Fund Act to restructure the governing board and redefine key terms related to housing and conservation. The board's membership is increased from nine to fifteen members, with eleven being appointed from the general public, ensuring diverse representation from various community interests, including environmental, agricultural, and housing sectors. The definitions of "agricultural land" and "low- or moderate-income households" are clarified, and the term "lower income" is removed.

Additionally, the bill specifies that the board will evaluate funding proposals based on criteria that balance housing and conservation goals, and it establishes a new allocation system for the trust fund. The allocation percentages for funding are modified, increasing the share dedicated to housing projects from 25% to 35%, while also adjusting the percentages for conservation projects and flexible use.

The act mandates that housing projects must ensure affordability for at least 99 years and allows the board to retain the first right of refusal on properties funded by the trust. The act is set to take effect upon passage, aiming to enhance the effectiveness of the trust fund in addressing housing and conservation needs in Rhode Island.