Recent analysis (September 2007) of Rhode Island's Historic Preservation Investment Tax Credit (HPITC) provides additional information about its use and impact throughout the state. According to new studies released by Grow Smart Rhode Island, the RI Historic Preservation Investment Tax Credit Program is "generating thousands of jobs, nearly $2.5 billion in economic activity, more than $400 million in new tax revenues over the next 20 years for state and local government combined, several thousand new housing units - including more than 750 designated as affordable - as well as the cleanup of dozens of environmentally contaminated sites, often known as brownfields."
Most of these findings are contained in a study performed by the real estate consulting and investment firm of Lipman, Frizzell and Mitchell (LF&M) of Columbia, Maryland. The study represents an update of a similar one conducted by the same firm that was released in March of 2005.
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