The bill amends the Rhode Island Housing and Conservation Trust Fund Act to restructure the governing board and adjust the allocation of funds for housing and conservation projects. It increases the board's membership from nine to fifteen members, with eleven members representing the general public, including specific representatives from various sectors such as environmental, conservation, and housing interests. The bill introduces new definitions, such as "agricultural land" and "low- or moderate-income households," and modifies existing definitions to better align with current standards.

Additionally, the bill reallocates the percentage of annual funds, specifying that thirty-five percent will be dedicated to housing projects, thirty-five percent to conservation projects, and thirty percent for projects that may combine both goals. It emphasizes the importance of long-term affordability for housing units and establishes criteria for evaluating funding proposals. The act is set to take effect upon passage, aiming to enhance the effectiveness of the trust fund in addressing housing and conservation needs in Rhode Island.