HUD Announces Request for Information on Maximizing the Positive Impact of Opportunity Zones

The U.S. Department of Housing and Urban Development (HUD) announced a Request for Information (RFI) seeking public input on how the Department can leverage the tools HUD has to maximize the positive impact of Opportunity Zones. Created by the 2017 Tax Cuts and Jobs Act, Opportunity Zones are distressed communities that provide tax benefits to investors who make new investments in the Zones.

This RFI will allow the public to share existing knowledge and provide recommendations to HUD regarding the use of public and private investments in urban and economically distressed communities, including qualified Opportunity Zones. Read the RFI here.

In this RFI, HUD is seeking information on the following:

• How HUD should use its existing authorities to maximize the beneficial impact of public and private investments in urban and economically distressed communities;
• Whether HUD should create an information portal, and what information it should include;
• How HUD should prioritize support for urban and economically distressed areas, including Opportunity Zones, in its grants, financing, and other assistance;
• What types of technical assistance should be offered through HUD;
• How HUD can ensure existing residents, businesses, and community organizations in Opportunity Zones benefit from the influx of investment;
• How HUD can properly evaluate the impact of Opportunity Zones on communities;
• How HUD should interact with other stakeholders to maximize the success of the Opportunity Zone incentive;
• How Qualified Opportunity Fund investments might support the goal of ending homelessness; and
• Any other aspects of Opportunity Zones that should be considered and are not addressed in this request for information.

They are particularly interested in hearing from cities and towns on the following: How should HUD interact with officials from State, local, and tribal governments, institutions, local and regional agencies, businesses, and individuals from the private sector to most effectively encourage beneficial investment in urban and economically distressed areas?

You can find more information here: https://www.hud.gov/sites/dfiles/GC/documents/RFIforOpportunityZones4.12.19.pdf.