870 R.I. Code R. 870-RICR-30-00-2.6

Current through December 3, 2024

Section 870-RICR-30-00-2.6 - Eligibility

A. Subject to appropriation, a Qualifying Community may be eligible to receive an incentive of up to ten percent (10%) of the Foregone Tax Revenue for a Qualifying Tax Stabilization Agreement for a Qualified Development Project that

1. results in the creation of at least fifty (50) new Full-Time Jobs, and for which the Developer shall commit a Capital Investment of not less than Ten Million Dollars ($10,000,000.00) towards the Project Cost; or

2. involves an Adaptive Reuse of a Recognized Historical Structure; or

3. results in the creation of at least twenty (20) units of Residential housing; provided that at least twenty percent (20%) of the Residential units are for Affordable or Workforce Housing; or

4. involves an Adaptive Reuse of a Certified Historic Structure, if such project:

a. has been certified by the State Historic Preservation Officer that the Adaptive Reuse will be consistent with the standards of the Secretary of the United States Department of the Interior for rehabilitation; and

b. results in the creation of at least twenty (20) units of Residential housing; provided that at least twenty percent (20%) of the Residential units are for Affordable or Workforce Housing.

B. Subject to appropriation, a Hope Community may be eligible to receive an incentive of up to ten percent (10%) of the Foregone Tax Revenue for a Qualifying Tax Stabilization Agreement for a Qualified Development Project that

1. results in the creation of at least twenty-five (25) new Full-Time Jobs, and for which the Developer shall commit a Capital Investment of not less than Five Million Dollars ($5,000,000.00) towards the Project Cost; or

2. results in the creation of at least twenty (20) units of Residential housing.

C. An Applicant need not have entered into or approved the Qualifying Tax Stabilization Agreement prior to filing an Application for an incentive in relation to that Agreement, though approval and execution of the Qualifying Tax Stabilization Agreement is a condition to the receipt of an incentive under the Act.

870 R.I. Code R. 870-RICR-30-00-2.6