For the second consecutive year the state has directed new funding to the Rhode Island Historic Tax Credit program, after going years without doing so.
This fiscal year’s allocation of $28 million follows a $20 million commitment the previous year.
The program offers tax credits for renovation of historically significant projects at 20% of the project cost, with a $5 million cap per project. It is managed by the R.I. Historic Preservation & Heritage Commission and the R.I. Division of Taxation.
More than 300 projects have been completed through the program and 39 more are on a waiting list.
Supporters cite the rehabilitation of old properties, job creation and investment the rehabbed properties encourage in surrounding neighborhoods.
But critics have long questioned the program’s return on investment.
