RI H8006

Amends Rhode Island law to rename "qualifying low-income housing" as "qualifying affordable housing" and establishes that developing affordable housing and adaptive reuse are matters of statewide concern

Sets property tax at 8% of previous year's gross scheduled rental income for new construction where at least 40% of units serve households at or below 80% area median income, or 30% of units serve households at or below 60% AMI

Creates a new 30-year tax incentive for converting non-residential buildings to housing (sunsets July 1, 2037), with rates starting at 8% for years 1-15, increasing to 10% for years 16-20, and 12% for years 21-30

Requires conversion projects over $10 million to use contractors affiliated with registered apprenticeship programs, and projects over $25 million must pay prevailing wages with monthly certified payroll filings

Grandfathers properties taxed under the existing law as of December 31, 2024, allowing them to retain their current tax rates or agreements unless the owner rejects them or the agreement expires