State Low-Income Housing Tax Credit (LIHTC)
The State Low-Income Housing Tax Credit (SLIHTC) is a new initiative designed to incentivize private developers to invest in the creation and preservation of over 500 affordable housing units across the state.
The purpose of the State LIHTC Program is to increase the development of affordable housing in the Rhode Island by closing financing gaps in projects receiving Federal LIHTCs (4% or 9%). The State LIHTC Program will provide tax credit funding to projects in equal increments over the 5-year period after the project is placed in service. The tax credits may be sold to an investor or may be redeemed by the State for ninety percent (90%) of the value of the tax credit. State LIHTC funds are awarded periodically through a competitive Request for Proposals (RFP) process. Current and past RFP materials will be posted below as they are released. Further information regarding the funding terms and requirements of the State LIHTC Program can be found in the program regulations available on the Rhode Island Secretary of State’s website at https://rules.sos.ri.gov/regulations/Part/310-10-10-1 .
Now ACCEPTING- SLITHC FY26 Applications
The application for SLITHC is part of a joint competitive funding round with RIHousing included programs funded by the state bond. RIHousing offers a universal application that consolidates the request for multiple financing sources. The Development of Affordable Homes application is open as of 10/23/25 and will be accepted until December 18, 2025 at 4:00pm.
State Low Income Housing Tax Credit FY26 (SLIHTC) - Program Information
RIHousing | Consolidated Application for the Development of Affordable Homes - Link to application
FY25 Awards
A total of $30 million in SLIHTC funding has been awarded to seven development projects across seven municipalities: Central Falls, Cumberland, East Providence, Providence, Warren, West Warwick, and Westerly. This investment will support the construction of over 500 new affordable housing units and the preservation of 30 existing units, advancing the McKee Administration’s commitment to expanding housing access and building a more affordable Rhode Island.
The complete list of projects that received SLIHTC awards can be found below.
- Developer: East Bay CDC
- Municipality: Warren
- Allocation: $2,703,073
- Project Type: New Production
- Total Units: 40 units, all between 31%-80% AMI
- Developer: Marathon Development, LLC.
- Municipality: Providence
- Allocation: $ 2,600,525
- Project Type: New Production
- Total Units: 178 units – all at or below 80% AMI
- Developer: Standard Communities
- Municipality: Providence
- Allocation: $6,889,194
- Project Type: New Production
- Total Units: 115 units – 25 at or below 30% AMI, 90 between 31%-80% AMI
- Developer: Marathon Construction, LLC.
- Municipality: West Warwick
- Allocation: $4,405,405
- Project Type: New Production
- Total Units: 68 units – 8 at or below 30% AMI, 60 between 31%-80% AMI
- Developer: Valley Affordable/Aldersbridge
- Municipality: East Providence/Cumberland
- Allocation: $2,655,062
- Project Type: New Production/Preservation
- Total Units: 69 units (39 new) (30 preserved) – 15 at or below 30% AMI, 54 between 31%-80% AMI
- Developer: Central Falls Affordable Housing
- Municipality: Central Falls
- Allocation: $4,723,355
- Project Type: New Production
- Total Units: 58 units – 12 at or below 30% AMI, 46 between 31%-80% AMI
- Developer: Connolly and Partners, LLC
- Municipality: Westerly
- Allocation: $6,023,385
- Project Type: New Production
- Total Units: 72 units – 16 at or below 30% AMI, 34 between 31%-80% AMI, 16 between 81%- 120% AMI, 6 market rate