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RI H8017
Bill
Status
2/27/2026
Primary Sponsor
David Morales
Click for details
AI Summary
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Amends qualifying low-income housing tax assessment criteria to create two alternative pathways: properties with at least 40% of units affordable to households at or below 80% of statewide area median income, or properties with at least 30% of units affordable to households at or below 60% of area median income
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Removes the previous requirement for "substantial rehabilitation as defined by HUD" and restrictions on rents charged to tenants as qualifying criteria
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Qualifying properties are taxed at 8% of the previous year's gross scheduled rental income, or a lesser percentage as determined by each municipality
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Properties already approved for this tax treatment as of July 1, 2026 will retain their existing assessment method, but that method cannot be further extended
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Takes effect upon passage
Legislative Description
Changes the assessment for residential property where forty percent (40%) of the dwellings are below eighty percent (80%) of statewide median income and thirty percent (30%) are below sixty percent (60%).
Taxation
Last Action
Introduced, referred to House Municipal Government & Housing
2/27/2026