Community Revitalization / Economic Development:
Provide multi-year funding for the State Historic Preservation investment Tax Credit, a proven and effective incentive for repurposing vacant and underutilized historic structures in transit-rich existing centers of development and which often involve brownfield remediation, neighborhood revitalization and an alternative to environmentally harmful development on farmland and forestland.
H-5910 – An Act that would recapitalize the State Historic Tax Credit program, the highlights of which include: (Support)
• No per project caps, but projects seeking credits of greater than $15 million must get approval from House and Senate
• Reduced processing fee of .25% of QRE’s, a major reduction from the current processing fee of 3% of QRE’s
• Authorizing the state to award $150 million in additional credits over a 4-year period, plus what is in the HTC fund
• Creation by Division of Taxation of process for reporting assignment, transfer or conveyance of tax credits
• 100% redemption for value of tax credit
S-134 – An Act to Extend the time period for paying the processing fees in connection with the State Historic Tax Credit (Support)
This legislation would provide more time – approximately an extra two months – than is currently allowed to pay the HTC processing fee for those enrolled in the program.
Enact a competitive grant program for municipalities similar to MassWorks in Massachusetts that would support smart growth and green infrastructure investments in our already developed urban, town and village centers where investment can be maximized to incent private development for public benefit.
H-5565 An Act relating to Housing Resources (Support)
Grow Smart RI supports S317/H5565, which would provide $5 million in capital financing for affordable housing in the FY18 budget. Since 2006, Rhode Islanders have supported Bond investments in affordable housing that have leveraged $400 million and supported the development of more than 2,000 affordable homes for low- and moderate-income Rhode Islanders. With an actual line-item investment in our state budget, we hope to become more competitive with our neighboring states, which invest $99.72 of state government dollars per capita (Massachusetts) and $76.98 per capita (Connecticut) compared to our current per capita investment of $8.46. Thoughtful and deliberate investment in affordable housing development has the ability to positively impact family stability, neighborhood and community revitalization, and the State’s overall economy.
H-5475 / S-481 (Oppose)