It’s no secret: Rhode Island is facing a housing crisis. According to HousingWorks RI’s 2023 Housing Fact Book, more than a third of Rhode Island households are cost
burdened. The problem is not limited to Rhode Island, however. Getting the nation out of this crisis will require collaboration from many stakeholders, especially preservationists.
Fortunately, organizations like the Advisory Council on Historic Preservation (ACHP) have been working to address the issue. The ACHP just released a policy statement on the vital role preservation and the federal historic tax credit can play in generating affordable housing.
Central to the ACHP’s statement is that we cannot simply build our way out of the problem. Existing, older homes often offer what is referred to as “naturally occurring affordable housing.” The fastest, least costly way to generate new housing is to maintain older properties rather than tearing them down and starting over.
Historic tax credits are a powerful tool to generate “new” housing at both the state and national levels. Tax credits have a history of generating housing, especially affordable housing. In RI, an estimated 20% of the state’s new housing units built between 2013 and 2022 were a result of state historic tax credit projects, including about 20% of new affordable housing units.
The ACHP urges state advocates to push for, or strengthen, tax credits at the state level. Currently there is inadequate funding for the tax credit and new restrictions have made the program dysfunctional; Preserve RI and Grow Smart RI are actively advocating to overhaul the program. In the coming months, Preserve RI will need your help in advocating for making the state historic tax credit functional in RI once again. Read more about our advocacy efforts.
Preservationists, too, should be flexible when it comes to affordable housing. Whether that means addressing accessibility under the Americans with Disabilities Act or considering affordable housing when conducting preservation reviews.
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