The corporation shall be the sole and exclusive agent for the allocation of all federal tax credits for low-income housing under 26 U.S.C. § 42. The corporation shall have all of the powers necessary to effectuate those allocations, including without limitation, the power to adopt rules, regulations, and policies regarding those allocations. Notwithstanding the foregoing and any other provision of law, effective January 1, 2026, the qualified allocation plan required by 26 U.S.C. § 42 shall be developed by the executive office of housing in consultation with the corporation.
R.I. Gen. Laws § 42-55-24.1
Allocation of tax credits
Known as the Rhode Island Housing and Mortgage Finance Corporation Act
The act spans §§ 42-55-1 to 42-55-9 (39 sections).
P.L. 1987, ch. 287, § 1; P.L. 2025, ch. 278, art. 9, § 3, effective June 29, 2025.
Official source: Rhode Island General Assembly. Reproduced from public-domain Rhode Island statutes; confirm against the official source for the current text. Not legal advice.