RI H8142

Establishes the Residential Reuse Incentive Program administered by Rhode Island Housing and Mortgage Finance Corporation to provide low-interest loans, subordinate debt, equity investments, or grants for converting vacant buildings (offices, schools, nursing homes) into multi-family or mixed-use housing

Requires at least 20% of units be affordable housing, or alternatively 10% of rental units be affordable to households at 50% or less of area median income

Mandates prevailing wages and certified payrolls for projects with hard construction costs exceeding $25 million; requires 100% of work hours be performed by contractors with apprenticeship programs and 10% by apprentices for projects exceeding $10 million

Gives priority to projects using housing land bank assets or demonstrating partnerships between health/education worker employers and labor unions to provide housing for teachers, nurses, and similar workers

Creates a restricted Residential Reuse Incentive Fund funded by state appropriations, federal funds, loan repayments, and other sources; program sunsets December 31, 2035