AN ACT RELATING TO STATE AFFAIRS AND GOVERNMENT -- RESIDENTIAL REUSE INCENTIVE ACT

Summary

The bill establishes a Residential Reuse Incentive Act administered by the Rhode Island commerce corporation, offering low‑interest loans, subordinate debt, equity or grants to developers who can show a financing gap. It targets multi‑family or mixed‑use conversions, requiring a minimum share of affordable units and imposing wage and apprenticeship rules on larger projects. The goal is to increase affordable housing while supporting workers and leveraging public assets.

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