The bill amends sections of the General Laws in Chapter 34-18.2, titled "Leased Land Dwellings," to introduce key definitions and establish a right of first refusal for incorporated homeowners associations. It defines "Corporation" as the Rhode Island housing and mortgage finance corporation (RIHousing). The bill directs RIHousing to work with the department of housing, the infrastructure bank, and other appropriate private and public entities to investigate and determine ways to assist incorporated homeowners associations in exercising their rights to purchase leased land pursuant to the right of first refusal. This includes identifying barriers to transferring these properties to homeowners associations and making recommendations to address these issues.

The corporation is also authorized to promulgate rules and regulations to implement these provisions. The act will take effect upon passage.