Section 825-RICR-30-00-4.3 - LOW-INCOME HOUSING TAX CREDITSA. The Tax Credit Program. Low-Income Housing Tax Credits have been set aside for each state in accordance with a formula established in the Tax Code. The amount of Tax Credits available for the State of Rhode Island may be increased or decreased from time to time in accordance with federal law.B. Applicability and Interpretation of Rules and Regulations. These Rules and Regulations govern the allocation of Tax Credits among eligible Housing Sponsors that acquire, construct, or rehabilitate Developments in Rhode Island. These Rules and Regulations are intended to be read in pari materia with the Tax Code. To the extent any provision of the Tax Code now in effect or hereafter adopted would operate or render ineffective any allocation of Tax Credits made or to be made hereunder, these Rules and Regulations shall be deemed to have been amended to conform with such provision, to the extent necessary to resolve such inconsistency. C. Role of the Corporation. Under existing law, the Corporation has been designated as the housing credit agency for the State of Rhode Island, and is generally responsible for the administration and allocation of the Tax Credit Program in the State of Rhode Island. 825 R.I. Code R. § 825-RICR-30-00-4.3