A big day for developers as the Treasure Department paved the way for an anticipated $100 billion in private investment in underserved communities.
"The Treasury Department on Friday released its first round of rules and guidance on the federal Opportunity Zones program, which was created in the tax cut bill passed by Congress last year and uses large capital gains tax breaks to incentivize investment into designated low-income areas," reports Joe Sonka.
"While there is one final round of federal guidance for the program expected before the end of the year, a number of groups invested in the outcome of Opportunity Zones hailed last week’s rules for providing clarity on what type of investments would qualify for the tax break, and allowing flexibility for how and when such investments must be deployed into development and business projects," adds Sonka.
After the announcement of the new guidance from the Treasury Department, observers on either side of the aisle had less than enthusiastic responses to the newly revealed details of the program. Writing for the Center for American Progress, Olugbenga Ajilore argued that the program ignores low-income communities in favor of the wealthy and corporations. Writing for the Washington Examiner, Colin Wilhelm seems included to agree, claiming that the Treasury Department's guidance is a clear win for the real estate industry, with much less clear benefits for low-income Americans.
For more background, see previous Planetizen coverage of the Opportunity Zones program.
FULL STORY: Treasury releases first round of rules on Opportunity Zones, giving flexibility to developers
Depopulation Patterns Get Weird
A recent ranking of “declining” cities heavily features some of the most expensive cities in the country — including New York City and a half-dozen in the San Francisco Bay Area.
California Exodus: Population Drops Below 39 Million
Never mind the 40 million that demographers predicted the Golden State would reach by 2018. The state's population dipped below 39 million to 38.965 million last July, according to Census data released in March, the lowest since 2015.
Chicago to Turn High-Rise Offices into Housing
Four commercial buildings in the Chicago Loop have been approved for redevelopment into housing in a bid to revitalize the city’s downtown post-pandemic.
New Park Opens in the Santa Clarita Valley
The City of Santa Clarita just celebrated the grand opening of its 38th park, the 10.5-acre Skyline Ranch Park.
U.S. Supreme Court: California's Impact Fees May Violate Takings Clause
A California property owner took El Dorado County to state court after paying a traffic impact fee he felt was exorbitant. He lost in trial court, appellate court, and the California Supreme Court denied review. Then the U.S. Supreme Court acted.
How Urban Form Impacts Housing Affordability
The way we design cities affects housing costs differently than you might think.
City of Costa Mesa
Licking County
Barrett Planning Group LLC
HUD's Office of Policy Development and Research
Mpact Transit + Community
HUD's Office of Policy Development and Research
City of Universal City TX
ULI Northwest Arkansas
Town of Zionsville
Urban Design for Planners 1: Software Tools
This six-course series explores essential urban design concepts using open source software and equips planners with the tools they need to participate fully in the urban design process.
Planning for Universal Design
Learn the tools for implementing Universal Design in planning regulations.