The bill introduces the "Coventry's New Construction Projects Act" as a new chapter in Title 45 of the General Laws, establishing specific timelines and definitions related to construction projects in the town of Coventry. Key provisions include:

1. A maximum one-year period for obtaining final approval after preliminary approval for a development project.
2. A two-year limit for issuing a building permit following final approval. If a building permit is not requested within this two-year timeframe, the application and vesting will be considered void, requiring the applicant to restart the process and resubmit a new application for review and approval.

Additionally, the bill allows for the temporary addition of approved units, including bonus units, to Coventry's total housing inventory once a building permit is requested. These units will be permanently counted upon the issuance of a certificate of occupancy for the development or after three years from the date of the request for a building permit, whichever occurs first. This provision aims to ensure that the town of Coventry remains in compliance with its housing and development goals while providing flexibility during the construction phase. The act will take effect upon passage.