The bill amends sections 45-53-3 and 45-53-4 of the General Laws concerning "Low and Moderate Income Housing" in Rhode Island. It introduces key definitions such as "low- and moderate-income housing," "approved affordable housing plan," and "local review board," while emphasizing the necessity for local comprehensive plans to incorporate provisions for low- and moderate-income housing. The bill establishes standards for local review boards to evaluate applications for adjustments to zoning ordinances and land development regulations, and it clarifies the role of municipal subsidies, including density bonuses, in promoting affordable housing development.

Additionally, the bill outlines a structured approval process for low- and moderate-income housing, including timelines for local review boards to act on applications, with automatic approval if they fail to do so. It specifies a two-year vesting period for approved plans, with potential extensions, and emphasizes the need for local review boards to provide evidence-based findings when making decisions. The bill also allows municipalities to impose fees on comprehensive permit applications and establishes a limit on the annual total number of dwelling units in comprehensive permit applications from for-profit developers to one percent of the total number of year-round housing units in the town, provided the municipality has an approved affordable housing plan and is meeting local housing needs.

Furthermore, the bill includes provisions for optional master plan reviews prior to preliminary plan submissions, detailing submission requirements and review timelines. It mandates that municipalities provide density bonuses and zoning incentives based on the percentage of low- and moderate-income housing included in projects. The amendments aim to enhance the availability of affordable housing while ensuring that community standards and housing needs are adequately addressed. Sections 1 and 2 of the act would take effect upon passage and on January 1, 2026, respectively.