This act establishes a state housing incentive program, administered through Rhode Island Housing, to provide grants, tax credits, and other financial assistance for mixed-income developments located near existing or planned public transit. To qualify, projects must reserve a defined share of units for below-market households and meet applicable affordability and accessibility standards. Municipalities shall provide an expedited, consolidated review process for qualifying below-market housing, with clear application requirements and decisions issued within established timeframes, while preserving health, safety, environmental, and historic-preservation standards.