By Alex Lloyd Gross
Housing and Urban Development Secretary Ben Carson was in the Philadelphia area today, November 22, 2019 to talk about Opportunity Zones. This is a new incentive for people to rehab homes in Opportunity Zone. Not everyone has a ton of money to put out and this program is designed to help buyers. Staring December 16, 2019, prospective homeowners can get an extra $50,000 into the total mortgage amount. This is a $15,000 increase for properties not located in these zones. He toured one such area with local Congressman Brian Fitzpatrick (R-1) .
While touring this area in Bristol Borough, he got the chance to see one of the local areas this program would be helping. This loan program allows people to purchase properties that they might be rehabbing as well. This loan goes right into the purchase price. This allows people to use this money to pay for repairs a home inspector determines they may need.
Secretary Carson started his day by giving remarks at the Union League in Philadelphia. It was there he spoke before businessmen and women who might have an interest in these Opportunity Zones. This comes with a tax incentive that allows investors to lower their capitol gains tax to zero. That happens when the investor keeps their capitol in the program for 10 years. “The capital gains tax can be cut all the way to zero.,” Secretary Carson said.
“At the end of the day, housing is so much more than a roof over someones head,” Secretary Carson said. After he spoke at a breakfast, Secretary Carson met privately with VIP’s, before traveling to Bucks County.