I heard about a program that our dear President put together that allows federal funding for distressed neighborhoods… I would like to take advantage of this to buy a home in a developing area… I would be a first time home buyer… Is anybody familiar with this & can point me to some resources please? Thank you very much!
I am sick and tired of renting… I want my house… I want my garden
Here is a map of all the "qualified" opportunity zones.
The IRS has a FAQ about these zones. Still kind of vague for a layperson (like myself) but still has some tidbits of info.
IRS Form 8996 is (one of) the form(s) to fill out.
It does seem like a complex process (probably designed that way)
note: you don't have to live in an opportunity zone to reap the benefits of the investement. Some of these zones are in really shady places and/or in places that don't have the best quality of life conditions. (ie. Swampland, proximity of highway or railroad, infertile land, etc)
Thank you 🙏🏻