Way back in December, Boulder City Council put a stop to new development and demo proposals for the "federally designated opportunity zone".
Apparently now, Council is rethinking this and is looking at moving forward to allow developers to take advantage of tax cuts from 2017 that created a program where duties on capital gains put toward equity in certain 'capital-needy" areas are deferred if the financing is left in place for 10 years.
These "opportunity zones" are all over the US, and there are more than 8,000 of them. In Boulder apparently this includes districts per the census tract that includes space roughly between 55th street and 28th street, and the diagonal highway (highway 119), and Arapahoe Ave.
The latest changes seem to prevent existing housing from being razed and replaced by tax-cut seeking investors. The emphasis is oriented around the creation of affordable housing and more homes that are 475 square feet or less of living space. Things may change soon and the moratorium may be lifted near the end of the month.
Thinking about buying a new home, or getting ready to sell? Call me today!
Zachary Epps, GRI®, ABR®, MCNE®, CLHMS®, SRES®, REALTOR®,
RE/MAX Hall of Fame, RE/MAX Platinum Club
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