The state Historic Tax Credit program is likely the best community development tool Rhode Island has ever created. Since 2001, state Historic Tax Credits have catalyzed investments in 318 buildings across Rhode Island, leveraging more than $2.2 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.

 

See Preserve RI and Grow Smart RI’s Fact sheet on the program. 

 

Tax credits are an important financing tool that promotes the creation of housing. Since 2013, more than 1700 units of housing have been created through projects financed by state historic tax credits, and 16% of those units are designated as affordable. These housing units account for fully 20% of the total housing created in Rhode Island, attesting to the importance of state historic tax credits in helping to solve the current housing crisis. 

 

Preserve RI testified in front of the House Finance Committee in favor of two bills that include important improvements to the state historic tax credit program:

  

• H6016: extends the program through 2024, so that it doesn’t “sunset” and die this June; and 

• H6186: clarifies that projects already underway when a prevailing wage requirement was introduced to the program last year will be grandfathered. 

 

Read Preserve RI's Testimony

 

Both bills are critical to the continuation and effectiveness of the program. Help us get these passed. Call or email your state legislator now to support these bills and ensure state Historic Tax Credits remain a vital tool for economic development in your community.