Opportunity Zones

HUD

Proposed Information Collection: Opportunity Zone Grant Certification Form

HUD is seeking approval from the Office of Management and Budget (OMB) for the information collection for its Opportunity Zone Grant Certification Form. Comments are due by December 9. The form will be used to provide preference points for certain competitive federal grants.

California

Rockefeller Foundation Selects DC, Oakland, Dallas and St. Louis for Opportunity Zones Initiative

The Rockefeller Foundation announced $3.7 million in grants that will benefit four U.S. cities to help drive responsible private investment in Opportunity Zones. The Foundation named Washington, D.C., Oakland, Dallas and St. Louis as the newest participants in its Opportunity Zone Community Capacity Building Initiative, which launched in May 2019. The initiative will help cities […]

General News

White House Launches OpportunityZones.gov

The White House Opportunity and Revitalization Council launched its new website, www.OpportunityZones.gov, which will serve as an information resource for those engaged with the Opportunity Zones initiative. The Opportunity Zones website includes an interactive map of the 8,764 Opportunity Zones nationwide; links to the Opportunity Zone-focused website of each State and Territory; comprehensive Federal tools […]

IRS

IRS Updates Opportunity Zones FAQ

The Internal Revenue Service (IRS) updated its Opportunity Zones Frequently Asked Questions (FAQ) page with information on when investors can adjust basis to fair market value, a list and map of designated qualified opportunity zones, how to become a qualified opportunity fund and whether inventory in transit can be qualified opportunity zone business property.

NH&RA News

NYT: How a Trump Tax Break to Help Poor Communities Became a Windfall for the Rich

This New York Times article debates the merits of Opportunity Zones arguing “billions of untaxed investment profits are beginning to pour into high-end apartment buildings and hotels, storage facilities that employ only a handful of workers, and student housing in bustling college towns, among other projects.” The article explores how developments in New Orleans, Miami, […]

HUD

HUD Expands Section 220 Mortgage Insurance to Include All Opportunity Zones

HUD announced that the Federal Housing Administration (FHA) will insure mortgages on mixed-use development in opportunity zones under the agency’s Section 220 program. Historically, Section 220 has provided mortgage insurance for rental housing in downtown urban areas that have been targeted for overall revitalization. Now, all 8,764 Opportunity Zones, including those located in rural area, […]

NH&RA News

Urban Institute Examines How Fresno, Cleveland and Washington, DC Use Opportunity Zones

In a new feature, the Urban Institute examines three cities’ plans to use Opportunity Zones to revitalize neighborhoods. The authors conclude that while Fresno, CA; Cleveland, OH and Washington, DC have each taken a different approach to regulating land use, they share a common strategy to leverage Opportunity Zones to accelerate their existing community and […]

Pennsylvania

Pennsylvania 2019 Tax Bill Made Significant Changes to Tax Laws in the Commonwealth

The 2019 Pennsylvania Tax Act signed by Pennsylvania Governor Tom Wolf on June 28, 2019— made several changes to Pennsylvania tax laws. The Act adds Opportunity Zone conformity for personal income tax, adopts new sales tax provisions and amends other tax and credit provisions. Read more in this analysis from Ballard Spahr.

Massachusetts

LISC Boston to Host Opportunity Zone Showcase; Toolkit Release

On July 31 LISC Boston will host its Opportunity Zone Showcase & Toolkit Release in Massachusetts.  As of 7/9, LISC Boston had not announced the event location, which will run from 9 a.m. – 1:00 p.m.  The event will: Showcase Massachusetts Opportunity Zone communities, strategies, and opportunities. Connect stakeholders to drive inclusive investment. Who should […]

General News

ABA Submits Comments On Opportunity Zone Regulations

The American Bar Association Forum on Affordable Housing and Community Development Law has submitted a comment letter on the most recent Qualified Opportunity Zone Regulations. The letter requests clarification of the regulations in order to improve the Qualified Opportunity Zone tax incentive so that it can better interact with affordable housing and community development.

IRS

IRS Updates OZ FAQ

The Internal Revenue Service updated its Opportunity Zones (OZ) Frequently Asked Questions (FAQ) page to include a new question on the realization of an Internal Revenue Code Section 1231 gain.

Member News

LISC Publishes Opportunity Zone Playbook

Local Initiative Support Corporation (LISC) recently published Navigating the Opportunity Zones: Community Partners, the first installment of LISC’s Opportunity Zones Playbook series.Forthcoming playbooks will be targeted to impact investors and impact developers looking to harness the Opportunity Zones incentive and create positive change in America’s urban and rural communities.

[Page 3 of 7 ]