Rhode Island

Rhode Island Governor Gina Raimondo introduced her FY 2017 budget and proposed a $40 million bond to build homes, create construction jobs, and attract private investment.

Rhode Island Housing has financed a development through the FFB Risk Sharing program. Risk Share provides credit enhancement for mortgages of multifamily housing projects whose loans are underwritten, processed, and serviced by HFAs.

Elevate Energy has joined forces with New Ecology to help affordable housing property owners and managers to reduce their property’s energy costs. They are offering free baselining services to multifamily affordable housing properties in Illinois, Missouri, Maryland, Rhode Island, and Pennsylvania, along with the Richmond, VA, Metro area.

The Internal Revenue Service (IRS) announced in Revenue Procedure 2013-35 that it has set the inflation-adjusted State credit ceiling for the Low-Income Housing Tax Credit (LIHTC) program and private activity bond caps for calendar year 2014.

HUD recently announced that the agency will provide a second round of recovery funds to five states and New York City affected by last year’s Hurricane Sandy through the Community Development Block Grant (CDBG) program. These recovery funds are to be used to assist impacted communities to meet remaining housing, economic development and infrastructure needs.

Multifamily housing developers, community organizations, investors, and lenders interested in affordable rental housing in New England have a new resource available that provides a comprehensive overview of current opportunities. A special report entitled “A Variety of Approaches: New England State Agencies Differ in Needs, Priorities in Their Housing Credit Programs” reviews recent and current tax credit allocation activity, project trends, and state priorities in the New England states ““Connecticut, New Hampshire, Maine, Massachusetts, Rhode Island, and Vermont.

The Internal Revenue Service (IRS) recently published Revenue Procedure 2013-31, which details the amounts of unused Low-Income Housing Tax Credit (LIHTC) carryovers allocated for calendar year 2013.

A bipartisan coalition of U.S. lawmakers recently introduced the Hurricane Sandy Tax Relief Act of 2013 (H.R.2137) to provide tax relief for victims of Hurricane Sandy in areas designated as federal disaster areas by the president.

The Internal Revenue Service (IRS) has announced that government entity issuers of tax-exempt bonds affected by Hurricane Sandy may qualify for additional time to file Form 8038 or Form 8038-T returns.

The Internal Revenue Service (IRS) announced in Revenue Procedure 2012-41 that it has set the inflation-adjusted State credit ceiling for the Low-Income Housing Tax Credit (LIHTC) program and private activity bond caps for calendar year 2013.

The Internal Revenue Service (IRS) recently published Revenue Procedure 2012-42, which indicates the amounts of unused Low-Income Housing Tax Credit (LIHTC) carryovers for 2012. These carryovers, which amounts to nearly $2.43 million in unused credits, have been allocated to 34 states.

The Rhode Island Public Expenditure Council (RIPEC) released a report on the costs and benefits of reinstating the Rhode Island Historic Preservation Investment Tax Credit (HPITC) program.