First in the Vault. A trade association representing professionals who work around Opportunity Zones warned congressional leaders last week that “build-to-rent” divestment language in a Senate-passed housing bill would “undermine” the sector’s work.
This is personal for Senate Banking Committee Chair Tim Scott (R-S.C.), who helped create Opportunity Zones back in 2017 via the Tax Cuts and Jobs Act. The program provides tax benefits in certified low-income census tracts.
In a letter dated April 28 and first published by Punchbowl News, the Economic Innovation Group told House Financial Services Committee Chair French Hill (R-Ark.), Rep. Maxine Waters (D-Calif.), Sen. Elizabeth Warren (D-Mass.) and Scott that section of the 21st Century ROAD to Housing Act “threatens to undermine this work by severely limiting the production of built-to-rent (BTR) single-family homes.”
