Chuck Wall, CFO for the Renaissance Community Loan Fund (RCLF) provided information on the opportunity zones that has the potential to be the largest economic development program in U. S. history. 12 zones were selected in Coastal counties with two in Hancock County. A complete list can be found at www.cdfifund.gov/pages/opportunity-zones.aspx. Wall said a qualified opportunity fund is an investment vehicle (partnership or corporation) that will accept investments of deferred capital gains and cash investments for the purpose of investing in qualified opportunity zone property. RCLF is seeking projects that can be residential or commercial mixed use developments, workforce housing, affordable housing, commercial real estate, operating businesses. (Sin businesses do not qualify.) At this point, RCLF is awaiting further guidance from the U. S. Department of Treasury on how the opportunity zone program will be managed to attract outside investors. For information, contact Tor Russell at email@example.com and reference the opportunity zone project.
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