Commerce RI makes $15 million newly available for manufacturing, historic rehabilitation, mixed-use development, and affordable/workforce housing.
The Rhode Island Commerce Corporation (Commerce RI) solicits new applications to the Rebuild RI Tax Credit Program. Commerce RI will allocate up to $15 million in tax credits for projects that involve newly enacted provisions of the program. Applicants are sought in the following categories: smaller manufacturers, smaller historic rehabilitation projects, and mixed-use development in an Opportunity Zone or that supports new affordable/workforce housing.
Application criteriaTo qualify for tax credit financing, applications must satisfy the criteria for at least one of the following categories:
- Manufacturing projects occupied by at least one manufacturer, regardless of project size;
- Historic rehabilitation projects that develop or adaptively reuse a certified or recognized historic structure; and
- Mixed-use development in an Opportunity Zone or that supports new affordable/workforce housing and meets the following project criteria: (i) consists of at least 25,000 square feet occupied by at least one business; and (ii) has a total project cost of at least $5 million or are located in one of the state’s Hope communities, which include Central Falls, Providence, Pawtucket, Warwick, and West Warwick. Priority will be given to those projects containing residential units that draw predominantly on the sales tax rebate feature of the program.
Applications must be submitted by January 15th, 2020. Applications may be considered as they arrive. Commercial development proposals are accepted on a rolling basis.
Rebuild RI application materials are available online https://commerceri.com/incentives/tax-credits-and-financing Applications will be accepted for any amount allowed by statute.
A streamlined application process (that has no repayment provision) will be available for projects of smaller scale that fit both of the following criteria:
- Is your project applying for an award of less than $1 million in total award?
Does your project involve one of the following categories:
- Affordable/workforce housing?
- Historic rehabilitation? or