You wouldn’t know it by the last four months, but major news stories are always prone to ebbs and flows. The federal Opportunity Zone program is a case in point when it comes to commercial real estate publications. The investment vehicle has been all the rage at various points since it was created in late 2017, only to take a step back as buzz died down.
Developers in New Jersey have until late July to apply for a share of $24 million in tax credits to help finance affordable housing, under a new timeline announced Wednesday by a state agency.
The state has detailed plans to finance 1,200 affordable housing units under a federal tax credit program, with an added focus on projects in Opportunity Zones and other newly added criteria.
RBH Group, the developer of the heralded Teachers Village project in Newark, is hoping to build on that success with a new investment fund under the federal Opportunity Zone program.
The sweeping tax reform brought on by The Tax Cuts and Jobs Act is now in effect, but many Real Estate owners and investors remain in the dark on how these changes will impact their businesses. With that, Sax’s Real Estate advisors will hold an educational webinar on March 19 to run through the major changes facing the Real Estate industry overall now that tax reform has been implemented, and proposed guidance has been released.
The Hampshire Cos. has made its first investment under the federal Opportunity Zone program, acquiring a parcel near Hackensack University Medical Center that it will redevelop as part of a joint venture.
For all the buzz around walkable, urban submarkets and higher-density workplaces, our readers have never lost interest in the fate of the Merck property in Whitehouse Station. I was reminded of that on Jan. 3, when a story about a potential buyer for the complex quickly became the most-read item we’ve ever had on RE-NJ.com.