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FHA to insure mortgages in Opportunity Zones
HUD Secretary Ben Carson has announced the Federal Housing Administration will insure mortgages on mixed-use development under the agency’s Section 220 Program in thousands of lower income communities across the country. By expanding this program’s reach, HUD hopes to significantly boost private investment in Opportunity Zones and generate growth in development in neighborhoods that need it most.
HUD is also awarding $6 million to the Local Initiatives Support Corporation (LISC) to provide critically needed technical assistance to distressed communities with populations under 40,000, including those located in Opportunity Zones and communities struggling to recover from natural disasters.