On December 17th, NCSHA hosted a webinar with the Economic Innovation Group (EIG) to discuss how Opportunity Zone investments are supporting affordable housing and community development initiatives. The webinar highlighted financial structuring and development details of projects in Florida, Maryland, and Ohio that are part of the recently launched case studies series of developments that incorporate Opportunity Zone investment to create affordable homes and support community revitalization. NCSHA’s Jim Tassos joined EIG staff and development team representatives to provide context to HFA initiatives in Opportunity Zones and to discuss trends from NCSHA’s latest Opportunity Zone Fund Directory, published earlier this week. A recording of the webinar can be found below.
The U.S. Treasury Department and the IRS issued final regulations implementing the Opportunity Zones tax incentive. Opportunity Zones, created by the Tax Cuts and Jobs Act, offer capital gains tax relief for investments in economically distressed areas. The final rules provide clarity for Opportunity Funds and their eligible subsidiaries in determining qualification and levels of new investment in Opportunity Zones. They also provide guidance regarding the types of gains that qualify for Opportunity Zone investments, as well as gains that may be excluded from tax after a 10-year holding period.
Case Studies: Opportunity Zone Investment in Affordable Housing and Community Revitalization Ox Fibre Apartments Parramore Oaks The Tappan Learn More The...
The National Council of State Housing Agencies and the Economic Innovation Group are collaborating on a series of case studies of developments that incorporate Opportunity Zone investment to create new affordable homes and support community revitalization efforts. To submit a development for this series, please complete this form.
The National Council of State Housing Agencies and the Economic Innovation Group are collaborating on a series of Opportunity Zone development profiles that feature affordable and/or workforce...
This document is the Staff Statement on Opportunity Zones: Federal and State Securities Law Considerations from the staffs of the Securities and Exchange Commission and the North American Securities Administrators Association, in which they provide a summary of the Opportunity Zone program that briefly discusses the program and describes the compliance implications for Opportunity Funds under federal and state securities laws.
NCSHA Comment Letter to IRS on Second Round of Proposed Regulations Implementing Opportunity Zone Tax Incentive
On July 1, 2019, NCSHA submitted comments to the Internal Revenue Service regarding the second tranche of IRS regulations related to implementation of the Opportunity Zone tax incentive.
On June 17, NCSHA submitted recommendations to HUD Secretary Ben Carson for how HUD can use its existing authorities to promote public and private investments in affordable housing and community development activities in Opportunity Zones (OZ) and other economically distressed areas.
On May 31, NCSHA sent a letter to the U.S. Department of the Treasury in response to its request for information on data collection and tracking for Qualified Opportunity Funds.