Rhode Island Code of Regulations Title 310 - Department of Housing
Rhode Island Code of Regulations (RICR) – Title 310: Department of Housing
Overview
Title 310 contains the regulations issued by the Rhode Island Department of Housing. The main purpose is to administer programs that support affordable housing, particularly the Low-Income Housing Tax Credit Program. It establishes rules for eligibility, application, review, award, and compliance for housing projects receiving state support.
Chapter 10 – Low-Income Housing Tax Credit Program
§1 Definitions
Act: Refers to the Low-Income Housing Tax Credit Act.
Application: Submission to request tax credits for a housing project.
Compliance Period: Time during which the project must meet all requirements.
Department: Rhode Island Department of Housing.
Low-Income Project: Housing serving low-income residents.
Qualified Rhode Island Project: Project that meets all statutory and regulatory requirements to receive tax credits.
Tax Credit Certificate: Official document granting the holder the right to claim tax credits.
§2 Scope
These rules apply to all projects seeking state housing tax credits. The Department has full authority to enforce the Act and ensure compliance with these regulations.
§3 Eligibility
To be eligible for state tax credits:
The project must also qualify for federal low-income housing tax credits or be concurrently applying.
The project must meet criteria in the Qualified Allocation Plan (QAP) or other Department-issued guidance.
Credits are only awarded after all statutory and regulatory requirements are met.
§4 Application Submission
Applicants must use forms prescribed by the Department.
All required information must be complete; incomplete applications may be rejected.
Supporting documentation on finances, project design, and target population must be included.
§5 Application Review
The Department reviews applications for statutory compliance, completeness, and feasibility.
Additional information may be requested from applicants.
Priority may be given to projects with higher readiness, greater community impact, or alignment with the QAP.
Denied applications receive written explanations; appeals procedures exist for administrative review.
§6 Tax Credit Awards
Awarded credits are based on the project’s financing gap (total cost minus other funding).
A tax credit agreement is executed between the Department and the project owner.
Credits are issued in annual increments once the project is placed in service (ready for occupancy).
Agreements include reporting and compliance requirements; violations can result in recapture of credits.
§7 Assignment of Tax Credits
Tax credit certificates can be transferred to another taxpayer if not already claimed.
The assignee must comply with all reporting and claim procedures.
General Purpose
Support creation of affordable housing in Rhode Island.
Ensure fair, transparent, and effective allocation of tax credits.
Protect public investment in housing programs by enforcing compliance and accountability.
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