The proposed bill establishes a state-funded rental subsidy program in Rhode Island aimed at helping individuals and households experiencing homelessness or at risk of homelessness, particularly those with extremely low, very low, and low incomes. The program will provide project-based rental assistance tied to tenants' income rather than area median income thresholds, thereby enhancing housing stability for those exiting homelessness.

The bill includes an initial capitalization of $25 million from the general fund, which will be appropriated starting July 1, 2026, to support this initiative.

The new chapter added to Title 45 of the General Laws outlines definitions, eligibility criteria, and the administration of the program. It specifies that the executive office of housing will oversee the program, ensuring that rental assistance payments do not exceed 30% of a household's gross income and that units meet the National Standards for Physical Inspection of Real Estate (NSPIRE) standards.

Additionally, the bill emphasizes nondiscrimination and fair housing compliance, ensuring that the program serves those facing the greatest barriers to housing access, including households referred through the Rhode Island continuum of care and those identified pursuant to the state's Olmstead Plan.