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THE STANDARD Paper Box Mill, which produced paper products for the jewelry industry in Rhode Island, will receive state historic preservation tax credits for a conversion to work space apartments. / COURTESY R.I. HISTORICAL PRESERVATION & HERITAGE COMMISSION
THE STANDARD Paper Box Mill, pictured in 2017, produced paper products for the jewelry industry in Rhode Island. It is among the properties to have received state historic preservation tax credits for a conversion to work space apartments. / COURTESY R.I. HISTORICAL PRESERVATION & HERITAGE COMMISSION

For the second consecutive year the state has directed new funding to the Rhode Island Historic Tax Credit program, after going years without doing so.

This fiscal year’s allocation of $28 million follows a $20 million commitment the previous year.

The program offers tax credits for renovation of historically significant projects at 20% of the project cost, with a $5 million cap per project. It is managed by the R.I. Historic Preservation & Heritage Commission and the R.I. Division of Taxation.

More than 300 projects have been completed through the program and 39 more are on a waiting list.

Supporters cite the rehabilitation of old properties, job creation and investment the rehabbed properties encourage in surrounding neighborhoods.

But critics have long questioned the program’s return on investment.

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