Last week, I asked readers to participate in a two question survey on the state of our economy and how it is impacting Opportunity Zone investments. Responses were mixed with participants saying inflation has both slightly slowed and slightly spurred investments. More analysis and full results below.
Additionally, this week the U.S. Department of Housing and Urban Development (HUD) revealed details of the 203(k) Rehabilitation Mortgage Insurance Program, an initiative through the Federal Housing Administration (FHA) offering some additional rebates and other cost saving opportunities for homeowners residing within Opportunity Zones.
A major producer of solar and glass panels in the U.S., Toledo Solar, announced a partnership this week with SEDC Solar, a Washington, DC-based Opportunity Zone business stemming from NetZero Opportunity Zone Fund. Together, the pair plan to extend their production within the DC-Metro area.
More exciting news below!
Javelin19 July survey results
When asking readers whether inflation has slowed or spurred interest in Opportunity Zones, respondents overwhelmingly said inflation has slightly spurred interest in investing in OZs. This is possibly the result of factors like: OZ investments are long term holds less impacted by the volatile markets; and real estate has traditionally been a hedge against inflation.
Additionally, as we inch closer to the end of the year, I asked participants whether they plan to increase or decrease investments before the end of the year. Responses were equal, with half saying they plan to increase investments, while others plan to continue with their current investment flow.
U.S. Department of Housing and Urban Development Announces 203(k) Rehabilitation Mortgage Insurance Program, Providing Opportunity for Homeowners Residing Within an Opportunity Zone
This week, the U.S. Department of Housing and Urban Development (HUD) revealed details of The 203(k) Rehabilitation Mortgage Insurance program, an initiative through the Federal Housing Administration (FHA) offering rebates and cost saving opportunities for homeowners. The program makes it possible for homeowners to incorporate the costs of repairs into a loan when purchasing a home or refinancing their current mortgages. Eligible repairs include energy efficient upgrades, energy-saving equipment, and energy generation improvements. Homeowners within Qualified Opportunity Zones can finance up to $50,000 (which is more than the traditional $35,000) into their mortgage to repair, upgrade, or improve their home.
SEDC Solar Teaming Up With Toledo Solar to Provide Solar Products to Local Residents
This week, a major producer of solar and glass panels, Teledo Solar, announced a partnership with SEDC Solar, a Washington, DC-based Opportunity Zone business. SEDC Solar, a project of NetZero Opportunity Zone Fund, delivers solar and creates jobs within Washington's Wards 4, 7, and 8. “We are proud to provide the best American-made solar panel products and installation services available to the D.C. area by partnering with SEDC Solar,” said Aaron Bates, the founder and CEO of Toledo Solar. “We look forward to serving the D.C. market as an extension of SEDC Solar, as they are already making a strong impact providing solar energy to the consumer for free.”
Driftwood Capital Completes $31 Million Staybridge Suites Hotel in Downtown Wilmington, Delaware Opportunity Zone
This week, Driftwood Capital completed construction on the new $31 million Staybridge Suites hotel located within a downtown Wilmington, Delaware Opportunity Zone. The property, sitting 11-stories, consists of 134 suite-style rooms. The property will be managed by Driftwood Hospitality Management, and was primarily financed through a Qualified Opportunity Fund, as well as received a $1.02 million grant from the Delaware State Housing Authority's Downtown Development Districts Rebate Program.