§ 42-64.22-7. Alternative eligibility requirements.
(a) Qualifying communities may receive incentives under this chapter, where the tax stabilization agreement is for a qualified development project involving an adaptive reuse of a recognized historical structure or 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) Qualifying communities may receive incentives under this chapter, where the tax stabilization agreement is for a qualified development project involving an adaptive reuse of a certified historic structure, if such qualified development project:
(i) 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
(ii) 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.
(c) Hope communities may receive incentives under this chapter, where the tax stabilization agreement for a qualified development project results in the creation of at least twenty (20) units of residential housing.
History of Section.P.L. 2015, ch. 141, art. 19, § 5.
Structure Rhode Island General Laws
Title 42 - State Affairs and Government
Chapter 42-64.22 - Tax Stabilization Incentive
Section 42-64.22-1. - Findings and declarations.
Section 42-64.22-2. - Definitions.
Section 42-64.22-3. - Establishment of program.
Section 42-64.22-4. - Incentives for municipalities.
Section 42-64.22-5. - Eligibility requirements for qualifying communities.
Section 42-64.22-6. - Eligibility requirements for hope communities.
Section 42-64.22-7. - Alternative eligibility requirements.
Section 42-64.22-8. - Reimbursement.
Section 42-64.22-9. - Applicability.
Section 42-64.22-10. - Approval.
Section 42-64.22-11. - Restrictions.
Section 42-64.22-12. - Implementation guidelines, directives, criteria, rules, regulations.
Section 42-64.22-13. - Program integrity.