NDA's Statement on Federal Housing Administration's Incentives for Low-Income Community Investment

 
 
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WASHINGTON - May 22, 2019 - PRLog -- The National Demolition Association (NDA) released the following statement on the Federal Housing Administration's (FHA) package of incentives to encourage multi-family property owners to invest in thousands of neighborhoods located in Opportunity Zones across the nation. This program is anticipated to spur approximately $100 billion of private capital investment in distressed neighborhoods.

"NDA is pleased to see that FHA and the Department of Housing and Urban Development are focusing on Opportunity Zone incentives and knows the benefit of investing in these communities," said NDA Executive Director Jeff Lambert.  "Long term capital investment, including demolition and deconstruction, for distressed low income communities is a key part of encouraging land revitalization and economic development.  NDA members are experts in remediation and demolition work performed in distressed areas and we look forward to working with FHA, HUD and private stakeholders to rehabilitate distressed areas around the country."

Opportunity Zones created under the 2017 Tax Cuts and Jobs Act, are intended to stimulate economic development and job creation in distressed low-income communities by incentivizing long-term capital investment.

There are more than 8,700 census tracts designated as Opportunity Zones in all 50 States and in the U.S. territories.

The incentives offered by FHA are available immediately for applicants of market-rate properties that have not yet submitted a pre-application, and for applicants for affordable properties that have not yet applied.

For more information Opportunity Zones program, visit www.hud.gov/press (https://www.hud.gov/press/press_releases_media_advisories...) or www.irs.gov/newsroom (https://www.irs.gov/newsroom/tax-reform-creates-opportuni...).

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About the National Demolition Association

The National Demolition Association (NDA) is a non-profit trade organization representing approximately 500 U.S. and Canadian companies and many international firms that are involved in the demolition process. Membership includes demolition contractors, general contractors, civil engineering abreast of environmental, regulatory and safety matters, keep regulators informed about issues facing the industry, increase public and industry awareness, and provide members with networking opportunities and information on the latest technical advances in equipment and services.

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Jayne Corso
National Demolition Association
***@demolitionassociation.com
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Tags:Demolition
Industry:Construction
Location:Washington - District of Columbia - United States
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