| The GO Zone (Gulf Opportunity Zone) tax incentives are set to expire at the end of this year & their loss will be a setback to housing and business redevelopment in the post-Katrina era across the Gulf, including for many of our (and by extension the federation system's partners) who we've invested in through the Isaiah Funds. The Times-Picayune reports yesterday that: Democrats are planning to bring up a package of "tax extenders," including the Gulf Opportunity Zone tax credits, during a lame-duck session of Congress that begins the week of Nov. 15. Previous efforts to pass the package were blocked by Republicans. "It's one of Sen. Landrieu's top priorities," spokesman Aaron Saunders said Friday. The issue is considered key for ongoing construction of low-income housing in New Orleans. David Gilmore, administrator of the Housing Authority of New Orleans, said that if Congress fails to extend the Go Zone credits it will "make it much more difficult" for his agency to complete" plans for 678 more homes at and near the Lafitte public housing development.
We've been hearing about this issue for quite a while from our partners. The incentives, set up to expire in this 5th year, were created before the economic slowdown. The development climate over the past 2 years delayed housing starts in the region, so the opportunity presented by this program hasn't been full realized yet, thus the need for an extension. Please, call your members of Congress and urge them to support Sen. Landrieu of this issue. After all that's been done for this region, and against them, they don't need this setback now. |
