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RI S2903
Bill
AI Summary
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Establishes a voluntary buyout program for residential and commercial properties in high-hazard zones, with funding for relocation costs to safer areas within or near current communities
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Appropriates $500,000 in the 2026-2027 fiscal year budget through the Resilient Rhody Infrastructure Fund for technical assistance to municipalities planning managed retreat
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Requires the Rhode Island Infrastructure Bank, Department of Environmental Management, and Coastal Resources Management Council to create a managed retreat planning process within 8 months and a funding prioritization process with public input
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Municipalities completing the planning process become eligible for revolving loan funds, grants, and catastrophe bond funds; the State Treasurer is authorized to issue catastrophe bonds to cover voluntary buyout costs after storm events
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Acquired land must be restored to natural habitat, prohibited from permanent structures, and used for public outdoor recreation and shoreline/riverine access with state easements
Legislative Description
Establishes the Residential and Commercial Property Acquisition Program Act to implement residential or commercial property acquisitions, paired with funding for relocation costs within or proximate to the current community.
Waters And Navigation
Last Action
Introduced, referred to Senate Housing and Municipal Government
3/4/2026