Advocates urge reforms to Rhode Island historic tax credit as program faces funding and administrative strains

Scott Wolf, executive director of GoSmart Rhode Island, told the commission that the Rhode Island state historic tax credit has been a major engine of economic and housing development since its creation in 2002, but that the program is financially strained and needs administrative reform. "This program has been the single best community economic development and, in many ways, housing incentive the state ever put out there," Wolf said.

Wolf summarized program results and concerns: since 2002 the state program supported more than 300 historic rehabilitation projects, produced roughly $2 billion in investment, and has financed projects in 24 of the state’s 39 municipalities. He said the program catalyzes housing production — Wolf estimated roughly 20% of housing units built in recent years were associated with projects using the state credit — and has spurred brownfield cleanup, downtown revitalization and larger…