Subsidizing Affordable Housing Through Commercial Tax Revenue

Problem

Providence commercial taxes are among the highest in the country. To stimulate economic development the city offers developers a tax incentive to attract commercial investments to the City. However, the city is facing an affordable housing crisis due to significant income gaps, declined housing stock, cost and the lack of sustainable funding for housing affordability. This challenging issue reduces housing choices that are affordable for low- and moderate-income Providence residents.

Solution

Develop legislation to allocate funding to an affordable housing bond from commercial tax revenue (from any development that receives a tax incentive, throughout the lifetime of the TSA) to subsidize affordable housing development or projects in the city of Providence.

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