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RI H8102
Bill
Status
2/27/2026
Primary Sponsor
Michelle McGaw
Click for details
AI Summary
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Legal entities with real property holdings exceeding $25 million in aggregate value are prohibited from owning single-family dwellings (1 unit) or multi-family dwellings (2-4 units)
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Entities currently exceeding the $25 million threshold must divest these residential properties over 10 years on a graduated schedule: 10% in year one, increasing by 10 percentage points annually until 100% divestiture in year ten
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Entities owned by the same individual or group are aggregated as a single entity for calculating the $25 million threshold, which will be adjusted annually for inflation using CPI starting January 1, 2027
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Violations result in fines up to $10,000 per violation, enforced by the Department of Housing; entities exceeding the threshold due to property revaluation have one year to divest
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Exempt entities include 501(c)(3) affordable housing nonprofits, community land trusts, municipal housing authorities, and Department of Housing-certified affordable housing providers
Legislative Description
Precludes a legal entity from owning property whose value is over $25,000,000. If the property value exceeds $25,000,000, then the entity must divest a graduated yearly amount over the next 10 years, until value is less than $25,000,000.
Property
Last Action
Introduced, referred to House Judiciary
2/27/2026