R.I. Gen. Laws ch. 42-55 § 42-55-8
Supervision of housing sponsors and healthcare sponsors
Operative Text
The corporation shall have the power to supervise housing sponsors of multi-family residential housing units and single family residential housing units designed by the sponsor for occupancy primarily by persons and families of low and moderate income or sponsors of healthcare facilities and their real and personal property in the following respects: (1) The corporation may prescribe uniform systems of accounts and records for housing sponsors and healthcare sponsors and may require them to make reports and give answers to specific questions on those forms and at times necessary for the purposes of this chapter; (2) Through its agents or employees, the corporation may enter upon and inspect the lands, buildings, and equipment of a housing sponsor or healthcare sponsor, including all parts thereof, and may examine all books and records with reference to capital structure, income, expenditures, and other payments of a housing sponsor or healthcare sponsor; (3) The corporation may supervise the operation and maintenance of any housing development, housing project, or healthcare facilities, and may order any repairs that may be necessary to protect the public interest or the health, welfare, or safety of the housing development or housing project occupants or healthcare facility user; (4) The corporation may fix, and alter from time to time, a schedule of charges for any housing development, housing project, or healthcare facility; (5) The corporation may determine standards for, and may control resident selection by a housing sponsor or healthcare sponsor; (6) The corporation may require any housing sponsor or healthcare sponsor to pay to the corporation any fees that it may prescribe in connection with the examination, inspection, supervision, auditing, or other regulation of the housing sponsor; (7) The corporation may order any housing sponsor or healthcare sponsor to do, or to refrain from doing, those things necessary to comply with the provisions of law, the rules and regulations of the corporation, and the terms of any contract or agreement to which the housing sponsor or healthcare sponsor may be a party; (8) The corporation may regulate the retirement of any capital investment or the redemption of stock where the retirement or redemption when added to any dividend or other distribution shall exceed in any one fiscal year ten percent (10%) (or such lesser amount as may be determined by the rules and regulations of the corporation) of the original face amount of any investment or equity in any housing sponsor or healthcare sponsor; (9) The corporation may prescribe regulations specifying the categories of cost which shall be allowable in the construction or rehabilitation of a housing development or housing project or healthcare facility. The corporation may require any housing sponsor or healthcare sponsor to certify the actual housing development or healthcare facility costs upon completion of the housing development or healthcare facility, subject to audit and determination by the corporation. Notwithstanding the provisions of this subsection, the corporation may accept, in lieu of any certification of housing development or healthcare facility costs, any other assurances of the housing development or healthcare facility costs, in any form or manner whatsoever, as will enable the corporation to determine with reasonable accuracy the amount of the housing development or healthcare facility costs.
Rhode Island General Laws § 42-55-8 grants the Rhode Island Housing and Mortgage Finance Corporation broad supervisory authority over housing sponsors that develop multi-family and single-family homes for low- and moderate-income residents, as well as healthcare facility sponsors. The provision outlines nine specific powers the corporation may exercise, ranging from inspecting properties and reviewing financial records to setting charge schedules, controlling resident selection standards, and regulating capital distributions. The rule establishes a comprehensive oversight framework intended to protect the public interest and the health, welfare, and safety of occupants.
Plain English — not legal advice.
Under R.I. Gen. Laws § 42-55-8, housing sponsors subject to corporation oversight are generally expected to maintain uniform accounting systems, respond to information requests, and make their properties and financial records available for inspection. Compliant operators typically certify actual development costs upon project completion, adhere to corporation-approved charge schedules, and follow resident-selection standards set by the corporation. Sponsors also generally ensure that capital distributions—such as dividends or stock redemptions—do not exceed the ten-percent threshold in any single fiscal year without prior authorization.
General guidance for property managers — not legal advice for your specific situation. Consult an attorney for advice on your case.
Section 42-55-8 of Rhode Island General Laws gives the corporation the authority to set and enforce standards that directly affect residents of low- and moderate-income housing developments, including the power to order necessary repairs and to oversee how residents are selected. Tenants living in corporation-supervised housing developments may have grounds to raise concerns about maintenance or habitability with the Rhode Island Housing and Mortgage Finance Corporation if a sponsor fails to comply with a repair order or other regulatory requirement. Tenant-rights organizations familiar with Rhode Island housing law can help residents understand what protections apply under this provision and what avenues exist for raising complaints.
General guidance for tenants — not legal advice for your specific situation. Consult a tenant-rights organization or attorney for advice on your case.
Generated October 15, 2026 — auto-generated, not yet human-reviewed. See /transparency for methodology.
Effective Timeline
References Out
No outbound references recorded yet for this provision.
References In
No inbound references recorded yet for this provision.