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, including "low- and moderate-income housing," and clarifies the criteria for an "approved affordable housing plan" as part of an unexpired local comprehensive plan. The bill establishes a streamlined application process for low- or moderate-income housing projects, allowing for a single comprehensive permit application and requiring municipalities to provide zoning incentives, such as density bonuses, to promote affordable housing development.

Additionally, it outlines a structured review process for local boards, including timelines for action on applications and mandates for findings based on legally competent evidence. Significant changes include the introduction of a density bonus for municipalities to provide more dwelling units than allowed by right under their zoning ordinances. The bill also emphasizes the integration of low- and moderate-income housing within developments, ensuring these units are comparable in size and architectural style to market-rate units.

It establishes a two-year vesting period for approved plans, with potential extensions, and requires municipalities to impose fees on comprehensive permit applications that do not render projects financially infeasible. The act is set to take effect upon passage, with certain provisions becoming effective on January 1, 2026.