The bill proposes a comprehensive overhaul of Rhode Island's housing laws, specifically targeting low- and moderate-income housing. It begins with the complete repeal of Chapter 45-53, titled "Low and Moderate Income Housing," which eliminates the existing legal framework addressing affordable housing shortages. New legal language is introduced to emphasize the importance of affordable, accessible, safe, and sanitary housing for all citizens, mandating local governments to provide opportunities for such housing. The bill also includes definitions related to affordable housing and outlines the responsibilities of local governments, while streamlining the approval process for housing developments by removing previous requirements for local review boards and density bonuses tied to low- and moderate-income housing percentages.

Additionally, the bill establishes a new monitoring agent program to ensure compliance with housing regulations and introduces provisions for the repurposing of vacant school buildings into affordable housing. It mandates the Rhode Island Housing Resources Commission to oversee monitoring agents and create rules for their engagement. The bill also enhances reporting and transparency by requiring annual reports on comprehensive permits and appeals, while modernizing the permitting process through the implementation of electronic systems by 2025. Overall, the bill aims to simplify and modernize the legal structure surrounding affordable housing in Rhode Island, while ensuring proper oversight and compliance with housing standards.