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ARTICLE · 26 JUNE 2023

Rhode Island State LIHTC: Another Step Towards Affordable Housing

Polsinelli PC
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Rhode Island joins 26 other states in offering state low-income housing tax credits to bridge the growing affordable housing gap in the United States.

United StatesReal Estate and Construction
Nicholas L. Burkhart
Nicholas L. Burkhart
Shauni T. Lynch
Shauni T. Lynch

Rhode Island joins 26 other states in offering state low-income housing tax credits to bridge the growing affordable housing gap in the United States.

Rhode Island Governor Daniel McKee recently signed the FY24 RI Ready budget legislation (House Bill 5200) aimed at making key investments in housing, economy, child care, and local businesses, including the establishment of a statewide low-income housing tax credit ("LIHTC") program, the first such LIHTC program in the State.

The new state LIHTC program will provide an additional tax incentive for developers to expand subsidized housing options for low-income households in the State through the competitive 9% LIHTC process with an annual allocation cap of $30 million. The State LIHTC can be taken over five years and allows the taxpayer to redeem 90% of the value of the credit.

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