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 "low- or moderate-income households" and "agricultural land" are clarified, and the criteria for eligible activities and applicants are expanded.

Additionally, the bill introduces new provisions for the board's operations, including the appointment of an executive director and the requirement for public hearings. The allocation of funds is revised, with a new distribution model that designates thirty-five percent for housing projects, thirty-five percent for conservation projects, and thirty percent for projects that may combine both goals. The bill emphasizes the importance of long-term affordability for housing units and establishes a commitment to maintaining open space conservation. The act is set to take effect upon passage.