The proposed bill amends Chapter 42-55 of the General Laws concerning the Rhode Island Housing and Mortgage Finance Corporation by establishing a new section titled "Home Ownership Assistance Account." This account is designed to enhance the availability of homeownership opportunities for families and individuals with incomes at or below the area median income, specifically targeting groups such as seniors, persons of color, indigenous individuals, veterans, and agricultural workers. The bill mandates that 25% of certain deposited funds be allocated to this account, with a focus on distributing resources statewide while prioritizing areas with the greatest need.

Funds from the home ownership assistance account will be utilized for various purposes, including grants for down payment assistance, support for organizations managing homeownership programs, and technical assistance aimed at helping marginalized groups achieve homeownership. The bill outlines specific criteria for grant distribution, emphasizing long-term affordability, generational wealth building, and comprehensive strategies to address declining homeownership rates among persons of color. The act is set to take effect upon passage.