The proposed bill establishes the "Residential and Commercial Property Acquisition Program Act" as a new chapter in Title 46 of the General Laws. The act aims to implement a voluntary residential or commercial property acquisition program in high-hazard zones, providing funding for relocation costs to safer areas within or proximate to the current community. The initiative seeks to restore the acquired land to its natural habitat, enhance community resilience, and improve shoreline or riverine access and outdoor recreation.

To support this program, the bill appropriates $500,000 in the 2026-2027 fiscal year budget for technical assistance to municipalities through the Resilient Rhody Infrastructure Fund. It outlines a planning process for municipalities to conduct community vulnerability assessments, create prioritized lists of parcels for voluntary buyouts, and estimate costs associated with these buyouts. The planning process must be completed within eight months of the act's effective date.

The bill also allows for the issuance of catastrophe bonds to fund voluntary buyouts after storm events and authorizes the Rhode Island infrastructure bank, the Department of Environmental Management, and the Coastal Resource Management Council to apply for federal funding sources and use available funds as matching funds for federal programs. Additionally, the Department of Business Regulation is authorized to negotiate insurance premium discounts for property owners who opt into the voluntary buyout program and to collect a portion of these discounts for the Resilient Rhody Infrastructure Fund.

The act is set to take effect upon passage.