Official State of Rhode Island website

State of Rhode Island Department of Housing

State Low-Income Housing Tax Credit (LIHTC)

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 . 

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.

 A total of $29.9 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.  

 Penny Lane 

  • Developer: East Bay CDC 
  • Municipality: Warren 
  • Allocation: $2,703,073   
  • Project Type: New Production  
  • Total Units: 40 units, all between 31%-80% AMI 

The Flynn   

  • Developer: Marathon Development, LLC.
  • Municipality: Providence
  • Allocation: $ 2,600,525  
  • Project Type: New Production
  • Total Units: 178 units – all at or below 80% AMI 

ProJo Apartments   

  • 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  

Lippitt Mill  

  • 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 

East Point – Woodward   

  • 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 

School Street  

  • 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 

South Point Commons   

  • 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