Should the state finally commit new funding to the popular historic tax credit program?

PBN Staff

11/19/2017

The former Woonsocket Co. Mill complex is shown in this 2013 photo. Owners have been awarded state historic-preservation tax credits to renovate some of the buildings. COURTESY HISTORICAL PRESERVATION AND HERITAGE COMMISSION

A popular state historic tax credit program has not received new funding since 2013.

Now a federal version of the program is in jeopardy. A House bill would eliminate the program, which covers up to 20 percent of project costs for the rehabilitation of old mills and commercial structures. A Senate bill would cut the federal program in half.

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With the federal program threatened and state lawmakers reluctant to commit new funding for the Rhode Island program, advocates worry other available incentives won’t be enough to make historic-preservation projects affordable.