Creates a state program and fund to finance adaptive reuse and mixed-use housing projects, requires affordable units and labor standards, and provides oversight to expand housing until 2035.

Rhode Island Residential Reuse Incentive Act – Plain-English Summary

This bill would create a new state program and dedicated fund in Rhode Island to help finance the conversion of existing buildings — such as old offices, factories, or other underused structures — into housing. These are called "adaptive reuse" projects. The program would also support "mixed-use" developments, meaning buildings that combine housing with other uses like retail or community spaces. The goal is to increase the overall supply of housing in Rhode Island by making it financially easier for developers to take on these types of projects.

In exchange for receiving funding through this program, developers would be required to include a certain number of affordable housing units in their projects, meaning some homes would be reserved for people with lower incomes at reduced rents or prices. Developers would also need to meet labor standards, which likely means paying fair wages and following certain worker protections during construction. This ensures that the benefits of the program extend to both future residents and construction workers.

The program would include oversight mechanisms to track its progress and effectiveness, and it is set to run through 2035, giving it roughly a decade to make an impact on Rhode Island's housing supply. A dedicated state fund would be established to pool money specifically for these projects, separate from the general state budget.

This bill would primarily affect developers and construction companies looking to convert or build housing, low- and moderate-income residents who could benefit from affordable units, and local communities where new housing projects are built. State agencies would also take on new responsibilities to manage and monitor the program.