The bill amends sections 45-53-3 and 45-53-4 of the General Laws concerning "Low and Moderate Income Housing," introducing significant changes to the definitions and approval processes for affordable housing. Key insertions include the definition of "low- and moderate-income" housing as synonymous with "affordable housing," and the establishment of a "local review board" as the local planning board or commission. The bill streamlines the approval process by allowing multi-family rental units built under a comprehensive permit to count towards a municipality's low- or moderate-income housing inventory, and it clarifies that an "approved affordable housing plan" is now part of an approved local comprehensive plan, eliminating the need for separate approval from the director of administration. Additionally, the bill introduces provisions for mobile or manufactured homes to qualify as low- or moderate-income housing and mandates annual reporting on qualifying units to state officials. The bill also emphasizes the importance of municipal government subsidies, including density bonuses, to support the development of low- and moderate-income housing. It removes previous requirements for approval of density bonuses and restricts municipalities from imposing limits on residential development through local ordinances. Furthermore, it establishes a moratorium on comprehensive permit applications from private for-profit developers until January 31, 2005, to allow towns to prepare adequate housing plans. The bill aims to facilitate the development of affordable housing by reducing bureaucratic hurdles, ensuring compliance with local needs and state guidelines, and promoting the integration of low- and moderate-income housing units within broader housing developments.