A six-member review committee made up of one person from each Island town will take a last look at the act to establish an Islandwide housing bank before it heads to the state legislature.

It comes on the heels of the housing bank winning overwhelming approval in all six towns at spring town meetings and elections. Modeled after the Martha’s Vineyard Land Bank, the housing bank would collect funds from a tax on certain real estate transactions and put them toward affordable housing projects.

An informational packet for the committee provided to the Gazette outlines responsibilities and gives guidance on what it can do. The committee is able to make changes to the draft legislation, as long as the scope of what voters approved is left intact.

The committee holds it first meeting Thursday at 5 p.m. over Zoom. The goal is to have the housing bank act filed on Beacon Hill by September.

“It’s a level of checks and balances to make sure there’s continuity with the housing bank article that was voted on at town meeting, voted at the ballot, with what’s going to be produced by the state,” said Edgartown town administrator James Hagerty, who represents Edgartown on the committee.

The six select boards each appointed representatives. In addition to Mr. Hagerty, they include Chilmark selectman James Malkin, Aquinnah housing committee chairman Mike Hebert, Oak Bluffs affordable housing committee chairman Mark Leonard, West Tisbury selectwoman Jessica Miller and Vineyard Haven resident Rachel Orr.

At Thursday’s meeting the committee will discuss goals, the scope of its work, how it will be organized and set up a schedule for future meetings.

“If there’s a major philosophical change in the act as opposed to the warrant article, then that’s the discussion point,” Mr. Hagerty said. “We’d have to decide, is this something we can support?”

There are proposed changes by the group advocating to create the housing bank for the committee to consider. The batch of recommended amendments, which is part of the packet, include adding definitions for new construction and previously developed property, cleaning up typographical errors and adding feedback the group has received since April.

If the act clears the state legislature, there will be another ballot vote in each town for final approval. Each town that votes yes would become a member of the housing bank.

While the general purpose of the committee is well-defined, the finer details will need to be sorted through at Thursday’s meeting, Mr. Hagerty said.

“I wish I could give a really crisp answer, but I’ve never done this and I don’t think anyone on the committee has ever done this,” he said.