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 due to flooding, rising sea levels, or other water-related hazards, given its placement under "Waters and Navigation" law. Property owners whose homes or businesses are acquired through this program would also receive financial help to cover the costs of moving and relocating to a new location.

A key feature of this program is that relocation funding would be directed toward helping people stay in or near their current communities, rather than being displaced far away. This means that if someone's home is bought out through the program, the state would help them find and move to another home in the same general area, preserving their ties to their neighborhood, schools, and community connections.

This bill would primarily affect homeowners and business owners whose properties are in areas considered vulnerable to environmental risks or hazards. It could also affect local municipalities and state agencies responsible for managing these acquisitions and distributing relocation funds. The bill is currently in the early stages of the legislative process, having been referred to the Senate Housing and Municipal Government Committee, so many specific details — such as eligibility requirements, funding levels, and how properties would be selected — may still be developed as the bill moves forward.