WASHINGTON—Housing and Urban Development (HUD) Secretary Ben Carson announced at a stakeholders meeting that the White House Opportunity and Revitalization Council has identified 160 programs that could use investment and revitalization within communities.
Panelists comprised of a number of industry experts at the meeting – attended by NAFCU's Regulatory Affairs Counsel Mahlet Makonnen – discussed ways to maximize beneficial impacts of public and private investments in Opportunity Zones and ensure that the existing community benefits.
The panel noted that steps should be taken to develop and advance a unifying view of data collection as well as clear federal reporting standards. In response, stakeholders shared their support of legislation that would do this, NAFCU reported.
Through the Opportunity Zones program, investors can benefit from capital gains tax incentives by investing money into areas that have been deemed economically underdeveloped.
Update on Housing Markets
Attendees were also given an update on the state of the nation's housing markets in the first quarter.
In April, HUD issued a request for information (RFI) on its Opportunity Zones policies to "[inform] the public that HUD intends to maximize the beneficial impact of investment in Opportunity Zones." The comment period ended earlier this month.