Hud Opportunity Zones are designated economically distressed communities identified by individual census tracts. These are areas nominated by America's governors and certified by the US Secretary of the Treasury, who delegates authority to the IRS.
Why should you care?
Opportunity Zones particularly compelling is there potential for preferential tax treatment on new investments, provided certian conditions are met. There are also special loans and grants available for these areas. Allowing people to purchase with 3% down, no PMI and sometimes free money grants, in additon to tax advantages.
There are a total of 8764 Opportunity Zones across the United States. Many of these communities have faced significant underinvestment for decades. It is important to note that the Opportunity Zones initative is not merely a top-down government program; rather, it serves as an incentive to stimulate both private and public investment in our nation's underserved areas.
If you have questions on how this can help you get into the Real Estate market with very little money please reach out!
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