Building on its earlier series of executive orders on advancing racial equity and supporting underserved communities (EO 13985 and 14091), the Biden administration has announced a series of interagency actions and principles to strengthen equitable urban development. The proposed actions address federal infrastructure investment, land use, housing, and regional planning policies.
Our economy is at a virtual standstill because of the COVID-19 pandemic. Millions of Americans have lost their jobs and healthcare. Businesses of all sizes are facing an existential threat. Local municipal budgets are being gutted. As we hope for light at the end of the tunnel we’ll need to craft a smart recovery. We leaned on our experience with the stimulus of 2009 and our long expertise in infrastructure and community development to produce a package of federal policy recommendations Congress should consider to build the foundation for a long-lasting recovery.
The newly created Opportunity Zones program will likely go down as the largest and most significant federal community development initiative in U.S. history, with trillions of dollars in new private investment about to start flowing into pre-designated low-income communities around the country.
Thank you to those that joined LOCUS, the Economic Innovation Group, and the Michigan State Housing Development Authority (MSHDA) for Understanding your Opportunity Zones. If you missed the live event, you can watch the recorded version here.
Next week, join LOCUS, the Economic Innovation Group, and the Michigan State Housing Development Authority for a comprehensive discussion of the new federal Opportunity Zones program.
Yesterday, LOCUS kicked off the second year of its Rebuild America’s Neighborhoods campaign. You are invited to join us.
With the potential of major legislative changes ahead, LOCUS is seizing this unique opportunity to shape federal and local policy and direct funding to support walkable urban neighborhoods across America. We invite you to learn more about our Rebuild America’s Neighborhoods campaign during an interactive webinar on Wednesday, February 21st from 2:00 to 3:00 PM.
The bill’s newly created low-tax environment will undermine the value of tax credits used to build walkable urban development and transform the nature of real estate development and investment for years to come.
As Congress moves to reconcile the House and Senate versions of the Tax Cuts and Jobs Act, LOCUS’ top priority is to protect community development and affordable housing tax incentives. Join us as we reach out to the conference committee’s House and Senate Conferees and ask them to maintain these programs and incentives in the final version of the legislation.
Today, House Republicans successfully passed H.R.1, the Tax Cuts and Jobs Act, in a 227-205 vote. Thirteen House Republicans joined all Democrats in opposing the once-in-a-generation tax reform legislation. The bill includes major cuts to community development and affordable housing programs.