As Florida’s premier not-for-profit advocate and expert on housing that is affordable, the Florida Housing Coalition understands the role that patient, long-term private equity serves in the capital stack of housing projects that are affordable. This page highlights how we can help you attract, deploy, and align Opportunity Zone capital to maximize social return on investment and help end housing insecurity in our state.
What is an Opportunity Zone?
- A low-income census tract specially nominated by the Governor of a State. A full list of Opportunity Zones in Florida can be found the Florida Department of Economic Opportunity’s website.
- These zones are designed to spur economic development and job creation in low-income communities.
- Billions of dollars are expected to be deployed to low-income communities through the Opportunity Zone program.
From urban neighborhoods to rural communities, every county in Florida has at least one designated Opportunity Zone. For many of those communities, capital is desperately needed for economic development and housing projects that are affordable. With its deep experience in affordable housing development, the Florida Housing Coalition can assist your community in developing a comprehensive strategy for attracting and deploying Opportunity Zone capital in housing projects that align with local priorities.
Local Government’s Role in Opportunity Zones
In case you missed it, check out the webinar recording and PowerPoint for the Opportunity Zones webinar hosted by the Florida Housing Coalition and sponsored by PNC Bank.
What is FHC’s Role in Opportunity Zones?
The Opportunity Zones program is the most hands-off Federal initiative designed to spur economic development in low-income communities over the past 50 years. Current IRS regulations do not require OZ projects to meet affordable housing requirements or other reporting standards that have characterized Enterprise Zones, the Low-Income Housing Tax Credit, the New Markets Tax Credit, and similar past programs.
Because the definition of a “trade or business” is so broad when characterizing a Qualified Opportunity Zone Business that can receive OZ capital, there is the potential that many projects may bear little relationship to a community’s needs. The Florida Housing Coalition is focused on ensuring that Opportunity Zone investment benefits the low-income communities the Program was designed to serve. We are dedicated to making sure that Opportunity Zone projects revitalize communities without displacing existing residents.
For questions, technical assistance, or consulting requests, complete this form or contact Ben Toro-Spears at Toro-Spears@FLhousing.org.
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