News & Analysis as of

Community Development

States Designate Opportunity Zones

by Pierce Atwood LLP on

The Tax Cuts and Jobs Act of 2017 created a new economic development program that encourages long-term investments in low-income areas, so-called “Opportunity Zones,” by offering tax deferral for capital gains reinvested in...more

Opportunity Zones Provide Extraordinary Opportunity for Capital Gain Minimization and Tax-Free Growth

by Dickinson Wright on

Buried in the 2017 Tax Cuts and Jobs Act is the creation of “Opportunity Zones.” Opportunity Zones were designed to spur investment in economically disadvantaged areas in each of the 50 states. ...more

Governor Baker Submits List of 138 Opportunity Zones to U.S. Treasury

by Bowditch & Dewey on

On April 19, 2018, the Commonwealth’s Executive Office of Housing and Economic Development announced that Governor Baker submitted a list of Opportunity Zone designations to the U.S. Treasury. The full list of Massachusetts...more

Opportunity Zones: A Preliminary Examination

by Shearman & Sterling LLP on

The Tax Cuts and Jobs Act of 2017 (the “Act”) made significant changes to U.S. federal tax law. One of these changes was the establishment of a new tax regime relating to qualified opportunity zones (“Opportunity Zones”)...more

CDFI Fund Issues $3.5 Billion Notice of Allocation for New Markets Tax Credits

The annual application period has opened for businesses and other organizations that want to invest in distressed communities with the help of federal tax credits. This week, the Community Development Financial...more

7 Most Frequently Asked Questions About Opportunity Zones

by McNair Law Firm, P.A. on

Qualified Opportunity Zones were included as part of the Tax Cuts and Jobs Act which became law in December 2017. The zones were originally introduced as the Investing in Opportunity Act sponsored by South Carolina Senator...more

Impacts of the Omnibus Spending Plan on the Affordable Housing Industry

Trump’s Omnibus Spending Plan adopts two key provisions from the proposed Affordable Housing Credit Improvement Act that will strengthen and expand low-income housing credit. 2018 spending plan increases housing credit...more

IRS Allows Self-Certification of Qualified Opportunity Funds

by Ballard Spahr LLP on

The IRS released Opportunity Zone FAQs on April 24 explaining that an eligible entity will be able to self-certify to become a Qualified Opportunity Fund (QOF) by filing a form (to be released this summer) with its timely...more

New Tax Program Incentivizes Long-Term Investment in Distressed Areas

by Polsinelli on

As part of the major tax reform bill passed in December, the Tax Cuts and Jobs Act of 2017, Congress created a new program to promote long-term investments in low-income areas by providing the opportunity for taxpayers to...more

Developers Celebrate Arizona’s Opportunity Zones

by Snell & Wilmer on

President Trump’s Tax Cuts and Jobs Act passed by Congress in December included a new community development program designed to promote investment in low income urban and rural communities. These “Opportunity Zones” provide...more

Qualified Opportunity Zones Open Greater Development Opportunities in Georgia

Much ink has been devoted in recent years to the widening income gap in our country, but as we noted in our January blog, “Rural Development Council Works to Keep Georgia On Your Mind,” geographic disparities since the Great...more

IRS Announces First Wave of Opportunity Zone Designations

by Ballard Spahr LLP on

The IRS inaugurated an exciting new community redevelopment program on April 9 and April 18 when it designated more than 4,800 Qualified Opportunity Zones (QOZs) in 20 states, three possessions, and Puerto Rico....more

Conforming the 421-a and MIH Programs

Many of our clients have asked us how they can avail themselves of the state’s revamped 421-a tax exemption program — the Affordable New York Housing Program — on a project that is also subject to the city’s Mandatory...more

Opportunity Zones in Alabama (and 19 Other States) Certified by Treasury Department - What Happens Next?

by Balch & Bingham LLP on

On April 18, the Treasury Department certified the list of 158 Opportunity Zones submitted by Governor Kay Ivey on March 21, 2018. This certification marks the last step in the Opportunity Zone selection process and means...more

Apartment and Condo Developers in California Take Note: Court Clarifies Calculation of School Impact Fees

Under California’s Education Code (section 17620), a school district can levy a fee on new residential construction for the purpose of funding new or improved school facilities to help meet the demand created by the new...more

Legislation Creating Opportunity Zones Offers Significant Tax Benefits — An Overview

by Sullivan & Worcester on

Recent federal tax legislation introduced "Opportunity Zones," a new community reinvestment tool designed to use tax incentives to drive long-term investment to rural and low-income urban communities throughout the nation....more

Treasury and IRS announce designation of Opportunity Zones for 18 States

by Dickinson Wright on

The Tax Cut and Jobs Act of 2017 (TCJA) established a new economic development incentive, known as an “Opportunity Zone”. ...more

Texas General Land Office Releases Hurricane Harvey State Action Plan

by Locke Lord LLP on

On April 10, the Texas General Land Office (“GLO”) released a draft of the State of Texas Plan for Disaster Recovery: Hurricane Harvey – Round 1 (the “State Action Plan”). The State Action Plan outlines the GLO’s proposed use...more

Ohio recommends Opportunity Zones for federal tax breaks

by Bricker & Eckler LLP on

The recently passed Tax Cuts and Jobs Act of 2017 created an opportunity for states “to identify up to 25% of low-income, high-poverty census tracts” for consideration for federal tax breaks for economic development,...more

The Opportunity Zone Program: Treasury Designates Opportunity Zones in Three Territories and 15 States, including Arizona,...

by Snell & Wilmer on

On April 9th, the U.S. Treasury Department designated Opportunity Zones in three territories and 15 states, including Arizona, California and Colorado....more

U.S. Department of the Treasury Designates Specific Census Tracts as Qualified Opportunity Zones

by Butler Snow LLP on

Today the U.S. Department of the Treasury certified specific census tracts nominated by Mississippi Governor Phil Bryant and designated such census tracts as Qualified Opportunity Zones....more

A New Tool For Economic Development: Opportunity Zones

by Roetzel & Andress on

The recently enacted Tax Cuts and Jobs Act of 2017 created the “Opportunity Zone Program” aimed at driving private investment to rural and urban low-income communities. The goal of the program is to spur business,...more

Treasury issues recommendations for modernizing the CRA

by Ballard Spahr LLP on

The U.S. Department of the Treasury has issued a memorandum in which it makes recommendations to modernize the Community Reinvestment Act (CRA). ...more

Las microunidades de Miami son la solución para la asequibilidad del inquilino y la rentabilidad del urbanizador

by Bilzin Sumberg on

Las ciudades de los Estados Unidos enfrentan una crisis de asequibilidad y no es distinto lo que sucede con las viviendas en Miami. ...more

Tax Reform – Consolidated Appropriations Act Provides Added Bonus for LIHTC Projects

by Ballard Spahr LLP on

On March 23, the President signed the Consolidated Appropriations Act, 2018 (H.R. 1625), a $1.3 trillion dollar spending bill that funds the federal government through September 30, 2018. ...more

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