Opportunity Zones program is under fire

2020-07-28T14:15:00-04:00

Lawmakers created the program in an effort to help low-income communities, and the provisions in the 2017 tax law on opportunity zones were based on bipartisan legislation. But Democrats have become increasingly critical of the program in recent months, following news reports about how wealthy people are benefiting from the program.

Representatives Alexandria Ocasio-Cortez and Rashida Tlaib are hoping to repeal the controversial Opportunity Zones program that brings certain tax breaks to investments in new development projects that are located in designated economically-distressed areas, The Hill reports. Though passed with bipartisan support in 2017, the program has faced criticism in recent months as some of the projects funded by these investments, including luxury apartment towers, have come to light.

Peebles Corporation launches $500M fund for minority-led developments

2019-07-01T15:48:00-04:00

For minorities and female developers, “access to capital has been the biggest challenge,” said Peebles, who has been an outspoken advocate for diversity in the industry. “I looked at how to address that for a number of years. No one in the country is doing this on a national level.”

Real estate developer Peebles Corporation has unveiled a $500 million investment fund that will be used to fuel development projects led by women and racial minorities.

According to The Real Deal, the fund will focus on urban infill projects with budgets between $10 and $70 million in South Florida, New York City, Los Angeles, Boston, Washington, D.C., Philadelphia, and Charlotte, cities where Peebles Corporation maintains offices.

Speaking at a development conference hosted by The Real Deal last week, Don Peebles, founder of Peebles Corporation, said, “The idea is to create this business model that shows that investing in emerging developers and investing in diversity will result in higher returns with less risk."

According to Peebles, the fund will be targeted towards commercial and multifamily developments that offer affordable housing.

Peebles added, “It’s a very positive thing to have the developments that are taking place in communities of color, to have the projects be deve...

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Opportunity Zones program is under fire

Peebles Corporation launches $500M fund for minority-led developments