The bill amends sections 45-53-3 and 45-53-4 of the General Laws concerning "Low and Moderate Income Housing" in Rhode Island. It introduces key definitions such as "low- and moderate-income housing," "approved affordable housing plan," and "local review board," while emphasizing the necessity for local comprehensive plans to incorporate provisions for low- and moderate-income housing. The bill establishes standards for local review boards to evaluate applications for adjustments to zoning ordinances and land development regulations, and it clarifies the role of municipal subsidies, including density bonuses, in promoting affordable housing development.

Additionally, the bill outlines a structured approval process for low- and moderate-income housing, including timelines for local review boards to act on applications, with automatic approval if they fail to do so. It specifies a two-year vesting period for approved plans, with potential extensions, and emphasizes the need for local review boards to provide evidence-based findings when making decisions. The bill also allows municipalities to impose fees on comprehensive permit applications and establishes a limit on the annual total number of dwelling units in comprehensive permit applications from for-profit developers in towns with an approved affordable housing plan that is meeting local housing needs.

Furthermore, the bill mandates that cities and towns with low- or moderate-income housing in excess of ten percent of their year-round housing units provide density bonuses and zoning incentives to offset the costs of low- and moderate-income housing units. It also includes provisions for optional master plan reviews prior to preliminary plan submissions, detailing submission requirements and review processes. The amendments aim to enhance the availability of affordable housing while ensuring that community standards and housing needs are adequately addressed. Sections 1 and 2 of the act would take effect upon passage and on January 1, 2026, respectively.