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HUD wants to know how it can improve Opportunity Zones

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WASHINGTON – April 15, 2019 – The U.S. Department of Housing and Urban Development (HUD) issued a Request for Information (RFI) that seeks public input on how it can use its existing authorities to maximize the beneficial impact of Opportunity Zones for residents and their communities.

The RFI gives the public a chance to provide recommendations regarding the use of public and private investments in economically distressed communities, including qualified Opportunity Zones. Responses to this RFI must be submitted electronically to www.regulations.gov.

“Opportunity Zones present tremendous promise for America’s distressed communities,” says HUD Secretary Ben Carson. “Through this request, we’re looking to better understand how HUD can better tailor its policies and help Opportunity Zones create more positive economic outcomes for the millions of Americans that live in these areas.”

Through the RFI, HUD seeks the following information:

  • How should HUD use its existing authorities to maximize the beneficial impact of public and private investments in urban and economically distressed communities?
  • Should HUD create an information portal – and, if so, what information should it include?
  • How should HUD prioritize support for urban and economically distressed areas in its grants, financing and other assistance?
  • What types of technical assistance should HUD offer?
  • How can HUD ensure that Opportunity Zone residents, businesses and community organizations benefit from the influx of investment?
  • How should HUD evaluate the impact of Opportunity Zones on communities?
  • What type of HUD-stakeholder interactions would maximize success?
  • How might Qualified Opportunity Fund investments support the goal of ending homelessness?
  • Are there any other aspects of Opportunity Zones that should be considered even if not directly addressed in the RFI?

Opportunity Zones were created under the 2017 Tax Cuts and Jobs Act to stimulate long-term investments in low-income communities by offering capital gains tax relief to those who invest in these areas. HUD expects the program to move $100 billion in private capital investment into Opportunity Zones.

© 2019 Florida Realtors®

 

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