The state Historic Tax Credit program is likely the best community development tool Rhode Island has ever created. Since 2002, state Historic Tax Credits have catalyzed investments in 320 buildings across Rhode Island, leveraging more than $2.12 billion in total investment in our communities. Previously abandoned mills, schools, commercial buildings in historic downtowns, and iconic landmarks have all been revitalized by private development projects that were catalyzed by the program. Perhaps most importantly, it is a crucial tool in solving Rhode Island’s housing crisis. Approximately 20% of all new housing units, including 20% of all new affordable housing units, have been generated by projects receiving the state’s Historic Tax Credit.
Unfortunately, this vital program is broken due to a lack of funding, onerous fees, and impractical rules and restrictions. Meanwhile, our neighboring states are investing heavily in their state Historic Tax Credit programs, realizing the important role they play in creating new housing and jobs, and spurring investment. We are calling on state leaders to meet with developers, union leaders, preservationists, smart growth advocates, and other stakeholders to work out a solution. The ways to fix Rhode Island’s Historic Tax Credits are obvious, what is required is political will. LEARN MORE >