Today, House Republicans successfully passed H.R.1, the Tax Cuts and Jobs Act, in a 227-205 vote. Thirteen House Republicans joined all Democrats in opposing the once-in-a-generation tax reform legislation. The bill includes major cuts to community development and affordable housing programs.
The Alice Building in downtown Providence, RI, was built in 1898 and recently renovated to become apartments in the heart of town. Photo by Flickr user Mr. Ducke.
Advocates in Rhode Island seek to reinstitute the state’s Historic Preservation Investment Tax Credit. The redevelopment success of the previous credit, and Rhode Island’s need for affordable housing and economic stimulation, means that restoring the credit will be key to help the State successfully recharge its real estate sector. Restoring the credit will also help to implement Rhode Island’s land use plan aimed to “achieve excellence in community design” by supporting redevelopment in traditional neighborhoods and focusing growth in town centers.