Legislation introduced in the Rhode Island House of Representatives would exempt certain properties from the requirement to pay prevailing wages to receive the Rebuild Rhode Island Tax Credit. H.B. 6186 would allow taxpayers that applied for the tax credit before Jan. 1, 2023, an exemption from the prevailing wage requirement for construction projects that have more than $10 million in expenditures. The Rebuild Rhode Island tax credit goes to manufacturing projects, historic rehabilitation properties and mixed-use developments in opportunity zones (OZs) that support affordable housing.
A special report released today by the Economic Innovation Group says that investment through the opportunity zones (OZ) incentive had reached nearly half of OZs by the end of 2020 and that communities receiving OZ investment were significantly more economically distressed than the rest of the country. Examining the Latest Multi-Year Evidence on the Scale and Effects of Opportunity Zones Investment provides information through 2020 and also highlights the positive economic spillovers for neighboring communities and that home values in OZs have increased with development, while rents have remained stable.
Qualified opportunity funds (QOFs) tracked by Novogradac reported nearly $10 billion in equity investment in 2022, the biggest year since the opportunity zones (OZ) incentive was enacted at the end of 2017. The 1,661 QOFs tracked by Novogradac (1,274 of which report a specific equity amount) raised $9.68 billion last year, bringing the cumulative amount to $34.09 billion. That was despite a slowing in investment during the fourth quarter. Novogradac tracks QOFs based on voluntarily provided information as well as public information. Proprietary and private funds that are owned and operated by their principal investors are not included. Two blog posts by Novogradac provide details–the first with overall information, the second with information on the focus of investments. Future blog posts will address the cities and states with the most planned investments and the sizes of QOFs and the amount of equity overseen by different QOF managers.
The Maryland Department of Housing and Community Development last week announced more than $1 million in grant awards to investments in the state’s opportunity zones (OZs). Microgrants ranging from $50,000 to $100,000 were awarded to 12 businesses located in OZs. Those businesses employ between two and 50 full-time employees and generate annual revenue of $300,000 to $5 million. This is the third round of microgrants.
Maryland Gov. Larry Hogan announced today that the third round of opportunity zone (OZ) microgrant funding will open Tuesday, allowing certain small businesses that seek to expand in OZs to apply for grants ranging from $50,000 to $100,000. Eligible businesses must be in an OZ and have secured a matching contribution equal to or greater than the grant request, have between two and 50 employees, generate annual revenue between $300,000 and $5 million and be in good standing with the state department of assessments and taxation. The first two rounds of OZ microgrants have invested $1 million in 20 businesses.
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