The bill establishes the Wyoming Housing Trust Fund, aimed at addressing the critical shortage of adequate and affordable housing in the state. It outlines the fund's purpose, which is to promote economic welfare by facilitating the provision of housing that can stimulate economic activity, increase employment, and enhance tax revenue. The fund will consist of designated funds, federal grants, and other contributions, and is intended to be a permanent trust fund, with earnings from investments credited to a newly created Wyoming housing trust fund earnings account.

Additionally, the bill mandates a study by the joint appropriations committee during the 2023 interim to explore the creation of a program that would distribute earnings from the trust fund to affordable housing projects. It includes an appropriation of $15 million from the general fund to support the trust fund, ensuring that these funds cannot be used for any other purpose and will not lapse at the end of the fiscal period without further legislative action. The act is set to take effect on July 1, 2023.