Critics say the Opportunity Zone tax credit is not being used as intended and want to end it.
The NY Legislature didn’t pass a bill ending the Opportunity Zone tax-credit program. This federal tax credit was implemented to build more affordable housing in low-income neighborhoods. But, an N-Y-U Furman Center report finds 60 percent of new apartments built with this credit in low-income areas are market rate and don’t offer rental assistance. The state Senate passed the bill ending the Opportunity Zone tax credit each year it’s come up, but the Assembly hasn’t. By next year, NY State could lose up to 424 million dollars in tax revenue by keeping this credit.
Penfield Park Facelift Complete
