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.

Rhode Island Residential and Commercial Property Acquisition Program Act

This bill would create a new state program in Rhode Island that allows the government to purchase homes and businesses that are at risk — most likely from flooding, sea level rise, or other climate-related hazards, given its classification under "Waters and Navigation." Property owners would have the option to sell their properties to the state rather than continuing to face repeated damage or loss. The program is designed to be voluntary, giving affected property owners a way out of difficult situations while the state works to manage vulnerable land more strategically.

A key feature of this bill is that it pairs property buyouts with financial assistance to help people relocate. Rather than simply buying someone's home and leaving them to figure out the rest, the program would provide funding to help residents and business owners move to a new location within the same community or nearby area. This is intended to prevent people from being forced to leave their neighborhoods entirely, keeping communities intact even as certain high-risk properties are taken out of private ownership.

The bill would primarily affect homeowners and business owners whose properties are in areas prone to environmental risk, such as flood zones or coastal areas vulnerable to storm damage. Local communities could also be affected, as acquired properties might be converted to open space or other public uses. The bill has been referred to the House Finance Committee, meaning lawmakers will next examine how much the program would cost and how it would be funded before any further action is taken.