(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.

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Terms Used In Rhode Island General Laws 42-64.22-7

  • Adaptive reuse: means the conversion of an existing structure from the use for which it was constructed to a new use by maintaining elements of the structure and adapting such elements to a new use. See Rhode Island General Laws 42-64.22-2
  • Certified historic structure: means a property which is located in the state of Rhode Island and is

    (i)  Listed individually on the national register of historic places; or

    (ii)  Listed individually in the state register of historic places; or

    (iii)  Located in a registered historic district and certified by either the commission or Secretary of the Interior as being of historic significance to the district. See Rhode Island General Laws 42-64.22-2

  • Development: means the improvement of land through the carrying out of building, engineering, or other operations in, on, over, or under land, or the making of any material change in the use of any buildings or land for the purposes of accommodating land uses. See Rhode Island General Laws 42-64.22-2
  • Project: means qualified development project as defined under subsection (20). See Rhode Island General Laws 42-64.22-2
  • Qualified development project: includes :

    (i)  Rehabilitation of an existing structure where the total cost of development budget exceeds fifty percent (50%) of adjusted basis in such a qualifying property as of the date that the parties applied for said qualifying tax stabilization agreement; or

    (ii)  Construction of a new building wherein:

    (A)  The subject community has issued a tax stabilization agreement, as set forth herein and pursuant to §?44-3-9 as well as other applicable rules, regulations and, procedures;

    (B)  Construction commences within twelve (12) months of the subject tax stabilization agreement being approved; and

    (C)  Completion of the proposed development project occurs within thirty six (36) months, subject to the approval of qualifying or hope communities. See Rhode Island General Laws 42-64.22-2

  • Recognized historical structure: means a property which is located in the state of Rhode Island and is commonly considered to be of historic or cultural significance as determined by the commerce corporation in consultation with the state historic preservation officer. See Rhode Island General Laws 42-64.22-2
  • United States: include the several states and the territories of the United States. See Rhode Island General Laws 43-3-8
  • Workforce housing: means housing for sale or rent with combined rental costs or combined mortgage loan debt service, property taxes, and required insurance that do not exceed thirty percent (30%) of the gross annual income of a household earning between eighty percent (80%) and one hundred and forty percent (140%) of the Providence-Fall River, RI-MA metropolitan area median income, as defined annually by the United States Department of Housing and Urban Development. See Rhode Island General Laws 42-64.22-2

(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.