There is created within the executive department a housing resources agency with the following purposes, organization, and powers:

(1)   Purposes:

(i)  To provide coherence to the housing programs of the state of Rhode Island and its departments, agencies, commissions, corporations, and subdivisions.

(ii)  To provide for the integration and coordination of the activities of the Rhode Island housing and mortgage finance corporation and the Rhode Island housing resources commission.

(2)   Coordinating committee — Created — Purposes and powers:

(i)  The coordinating committee of the housing resources agency shall be comprised of the chairperson of the Rhode Island housing and mortgage finance corporation; the chairperson of the Rhode Island housing resources commission; the director of the department of administration, or the designee of the director; and the executive director of the Rhode Island housing and mortgage finance corporation. The chairperson of the Rhode Island housing resources commission shall be chairperson of the coordinating committee.

(ii)  The coordinating committee:

(A)  Shall develop and implement, with the approval of the Rhode Island housing and mortgage finance corporation and the Rhode Island housing resources commission, a memorandum of agreement describing the fiscal and operational relationship between the Rhode Island housing and mortgage finance corporation and the Rhode Island housing resources commission and shall define which programs of federal assistance will be applied for on behalf of the state by the Rhode Island housing and mortgage finance corporation and the Rhode Island housing resources commission.

(B)  Is authorized and empowered to negotiate and to enter into contracts and cooperative agreements with agencies and political subdivisions of the state, not-for-profit corporations, for profit corporations, and other partnerships, associations and persons for any lawful purpose necessary and desirable to effect the purposes of this chapter, subject to the provisions of chapter 2 of Title 37 as applicable.

(3)  There is hereby established a restricted receipt account within the general fund of the state. Funds from this account shall be used to provide for housing and homelessness initiatives including housing production, lead hazard abatement, housing rental subsidy, housing retention assistance, and homelessness services and prevention assistance with priority to veterans.