The bill amends Section 42-55-5 of the General Laws concerning the Rhode Island Housing and Mortgage Finance Corporation, expanding its powers to include the establishment, revision, and administration of the qualified allocation plan (QAP) for federal Low-Income Housing Tax Credits. The new provisions prioritize scoring criteria that maximize the production of low- and moderate-income housing, emphasizing cost-efficiency and the total number of income-restricted units produced. Additionally, the bill limits the cumulative weighting of supplemental criteria that are not directly related to housing production, ensuring alignment with applicable federal law.

This act will take effect upon passage.

Statutes affected:
7226: 42-55-5