Recent News

Friday, August 9, 2019

The U.S. Department of Housing and Urban Development (HUD) today announced that the Federal Housing Administration (FHA) will insure mortgages on mixed-use development in opportunity zones (OZs) under the agency’s Section 220 program. In a speech, HUD Secretary Ben Carson said FHA can be a key partner for developers in OZs. The HUD Section 220 program insures lenders against loss on mortgage default.

Thursday, August 1, 2019

The U.S. Senate voted 67-28 Thursday to pass a two-year, $2.7 trillion discretionary budget agreement, sending the legislation to President Donald Trump, who is expected to sign it. The budget deal, which was passed last week by the House of Representatives, would suspend the federal debt ceiling until July 31, 2021, and contains no provisions to extend expired or expiring tax provisions.

Friday, July 26, 2019

Reps. Elijah E. Cummings D-Md., and Rashida Tlaib, D, Mich., introduced legislation Thursday to require lead remediation for certain buildings in opportunity zones (OZs). H.R. 4011, The Opportunity Zone Lead Remediation Impact Act of 2019, would require investors in OZ residential property built before 1978 to fund lead-based paint poisoning and prevention efforts and a complete remediation before being considered to have “substantially improved” the property. The substantial-improvement standard is required for eligibility for the OZ incentive.

Thursday, July 25, 2019

The House of Representatives today passed a two-year, $2.7 trillion discretionary budget agreement by a 284-149 vote. The agreement would also suspend the federal debt ceiling until July 31, 2021. The budget deal would give defense programs a 3 percent increase from $647 billion in fiscal year 2019 to $666.5 billion in fiscal year 2020 and nondefense programs a 4 percent increase from $597 billion in fiscal year 2019 to $621.5 billion in fiscal year 2020. The fiscal year 2021 spending caps would be $671.5 billion for defense and $626.5 billion for nondefense.

Monday, July 22, 2019

A 10 percent tax credit for investments in the state’s opportunity zones is part of the fiscal year 2020-21 budget signed by Gov. Mike DeWine. The credit, originally part of S.B. 8, is for investments in qualified opportunity funds that hold 100 percent of invested assets in Ohio. There is a $1 million cap per taxpayer for each fiscal biennium and a statewide cap of $50 million per fiscal biennium.

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