By Opportunity Zone Magazine Staff
The U.S. Department of Housing and Urban Development announced on Friday a series of incentives for developers to build affordable multifamily properties in Opportunity Zones.
The incentives are reduced application fees ($3 per $1,000 of the requested mortgage amount to $1 per $1,000 of the requested mortgage) and expedited review of applications by a dedicated team.
Specifically, the incentives are for applicants of Federal Housing Administration multifamily mortgage insurance. In addition to being in one of the country’s Opportunity Zone, to qualify for the incentives the properties must be at least 90% Section 8 low-income housing or be covered by a low-income housing tax credit program.