R.I. Gen. Laws § 44-5-13.11 — Qualifying low-income housing — Assessment and taxation

Any residential property that has been issued an occupancy permit on or after January
1, 1995, after substantial rehabilitation as defined by the U.S. Department of Housing
and Urban Development and is encumbered by a covenant recorded in the land records
in favor of a governmental unit or Rhode Island housing and mortgage finance corporation
restricting either or both the rents that may be charged to tenants of the property
or the incomes of the occupants of the property, is subject to a tax that equals eight
percent (8%) of the property’s previous years’ gross scheduled rental income or a
lesser percentage as determined by each municipality.