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) and outlines the roles of homeowners' associations in the context of leased land.

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 further assist incorporated homeowners' associations in exercising their rights to purchase leased land pursuant to the right of first refusal. It requires the identification of barriers to transferring these properties to homeowners' associations and mandates recommendations on how to address these issues.

Additionally, the bill allows RIHousing to promulgate rules and regulations to implement these provisions. The act is set to take effect upon passage.