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GA Blog: Opportunity Zones

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2.19.20 Salem Opportunity Zones Get National Spotlight

Salem, as a member in the inaugural class of Smart Growth America and LOCUS’s Massachusetts Opportunity Zones Academy, has announced its participation in the new National Opportunity Zones Marketplace.

The new Marketplace will display “shovel-ready” development projects in Salem’s two Opportunity Zones to investors across the country. 

Mayor Kim Driscoll noted that “by participating in the National Opportunity Zones Marketplace, we can work directly with businesses, property owners, investors, and developers, share Salem’s aspirations, and collaborate on projects that seek to accomplish these goals.”

The Marketplace will also work as a communication tool for comments and questions about Opportunity Zones. You can create a profile and join Salem’s Community page here.

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10.9.19 $43 Million in HUD Housing Grants Awarded

Last week The US Department of Housing and Urban Development awarded 43 million dollars in housing counseling grants to organizations around the country.  A total of $3,925,924 was awarded to 8 different Massachusetts organizations, almost 10% of the national total.

The Housing Grants were given as direct support to housing counseling services.  These services include assisting homebuyers in preparing for a home purchase, assistance with affordable rental housing, financial literacy training, and foreclosure prevention.

Preference was given to those looking to provide counseling within Opportunity Zones.  Nationally nearly half of the organizations fell under this description and 75% of the Massachusetts organizations are set to provide housing counseling within Opportunity Zones.

You can find the press release direct from HUD here.

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9.10.19 Opportunity Zone Educational Meeting

One of the outcomes of the 2017 Tax Cuts and Jobs Act was the creation of Opportunity Zones.  These are designated locations around the country where investment, through an Opportunity Fund, provides a potential tax shelter to its investors.

These zones prove to be of unique interest to REALTORS®, especially those who work with investors.  Per the Tax Cuts and Jobs Act, capital gains invested in a fund can have their taxes deferred and ultimately reduced if held in the fund for long enough.

One of the more common reasons an individual would have a capital gain is through the sale of real property.  Thus, for a REALTOR® working with a home seller or investor these Opportunity Funds can be an additional benefit to a client with capital gains. 

Salem is holding an Open House to learn more about the Opportunity Zones located within the city.  The meeting is set for Tuesday, September 24th from 6-8pm.  For more meeting information click here.

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