At the Real Deal’s annual Showcase & Forum, Department of Housing and Urban Development (HUD) Director Ben Carson discussed the success of Opportunity Zones, which provide tax benefits to developers who invest in thousands of distressed areas across the country.
“Through Opportunity Zones, the federal government is helping foster partnerships between people who may have never sat at the same table before,” he said. “Community leaders, public housing advocates, investors, builders, state officials and federal officials.”
According to Director Carson, HUD will give preference to developers and investors who build affordable housing in federal Opportunity Zones when it comes to certain grants. He also responded to criticism as to whether the program will actually incentivize investment in low-income areas.