Almost anything you care to mention that comes out of Washington D.C. takes time.
Last February, the Daily Business News spotlighted Senator Tim Scott’s (SC-R) insights on Opportunity Zones. Opportunity Zones were part of the Tax Cuts and Jobs Act of 2017.
As with many federal laws, regulations must be crafted. Comments on proposed rules must be received. Only then that the rules are made, and finally rolled out. It is at the end of the that process that business people and investors can begin making that law ready to go to work.
Senator Scott could be a contender for the GOP nomination in the 2024 cycle, so this plan and he will be of interest on several levels.
In a release to MHProNews, Globe St. pointed to a timely update on this topic. It came in the form of a Q&A with Real Estate Roundtable President and CEO Jeffrey DeBoer and Roundtable Senior Vice President and Counsel Ryan McCormick.
They have given a detailed analysis of the proposed rules for Enterprise Zones, and their implications for the real estate and housing in their Q&A.
On October 19, Treasury and the IRS released highly anticipated regulatory guidance related to the Opportunity Zone program. GlobeSt.com asked Real Estate Roundtable President and CEO Jeffrey DeBoer and Roundtable Senior Vice President and Counsel Ryan McCormick to explain the proposed rules and their implications for the real estate industry.
What is your main takeaway from the new Treasury regulations on Opportunity Zones?
DeBoer: The Treasury guidance is a clear indication the Administration is fully committed to an Opportunity Zone program that spurs broad-based job creation and creates new economic opportunity for businesses, entrepreneurs, and residents in low-income communities. The regulations help to implement the objectives of the lawmakers who designed the program, such as Senator Tim Scott (R-SC). With the regulatory regime now taking shape, we foresee Opportunity Fund investors actively partnering with local leaders and entrepreneurs on projects that both drive economic activity and respond to the needs of communities.
What do the proposed regulations mean for real estate?
DeBoer: For real estate, the proposed regulations are unquestionably positive. They clarify key technical questions and open issues, and they should allow investments in funds and in underlying projects to go forward. While some important questions remain, we continue to believe that the Opportunity Zone program will be a powerful catalyst for transformational real estate investment in these designated low-income areas.
See the rest of the interview at this link here.
Factory Built Housing Pros, Investors:
Keep in mind that millions of housing units are needed, many of them in or near urban areas. Manufactured housing has a practical advantage of enhanced preemption, so long as that provision of the Manufactured Housing Improvement Act of 2000 (MHIA) is implemented.
While modular or prefabs are what are commonly considered for high-rise building, as MHProNews has reminded readers, there are also opportunities for high-rise construction that could use HUD Code homes. ICYMI, or need a refresher, see that report at the link below.
The Trump Administration has placed numerous efforts in motion, all of which are designed to grow the economy nationally. But each of these measures, which include incentives and regulatory roll-backs, has local implications. See the linked reports above, and related reports, further below. That’s “News through the lens of manufactured homes, and factory-built housing” © where “We Provide, You Decide.” © ## (News, analysis, and commentary.)
(Related Reports are further below. Third-party images and content are provided under fair use guidelines.)
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Affirmatively Furthering Fair Housing, a Novel Yet Proven Solution to the Affordable Housing Crisis That Will Create Opportunities, Based Upon Existing Laws – manufacturedhomelivingnews.com
Affordable quality housing is one of the most critical issues of our time. So too is affordable home ownership, which should be the ideal goal over rental housing. A challenge is zoning and land use, which is highly politicized, and thus is often misunderstood. What follows is adapted from the comments letter addressed as shown below.