This act establishes the Rhode Island Mixed-Income Housing and Community Development Fund, administered by the state housing agency, to provide competitive loans and grants for the construction or preservation of affordable rental housing. Priority shall be given to projects that include mixed-income units and are located near public schools, public transportation, employment centers, or essential services. Municipalities that adopt and approve thoughtful, locally reviewed mixed-income developments in eligible locations may receive planning and infrastructure grants, subject to annual reporting, fair-housing requirements, and available appropriations.