Rhode Island S3160 sets an 8% tax rate for low-income housing properties with deed restrictions.

Rhode Island S3160 establishes an 8% tax rate for residential properties encumbered by a deed restriction for low-income housing, set at 80% or 60% of the adjusted median income as defined by HUD. This tax applies to properties with a budget exceeding $10 million, ensuring that at least 40% of rental units meet the low-income criteria. The bill also mandates compliance with registered apprenticeship and prevailing wage requirements for construction projects over $25 million. Non-compliance results in the revocation of tax benefits.

Rhode Island S3160 sets an 8% tax rate for low-income housing properties with deed restrictions.

Rhode Island S3160 establishes an 8% tax rate for residential properties encumbered by a deed restriction for low-income housing, set at 80% or 60% of the adjusted median income as defined by HUD. This tax applies to properties with a budget exceeding $10 million, ensuring that at least 40% of rental units meet the low-income criteria. The bill also mandates compliance with registered apprenticeship and prevailing wage requirements for construction projects over $25 million. Non-compliance results in the revocation of tax benefits.