COLUMBUS, OHIO—This morning, Representative Mike Carey (OH-15) toured New City Homes’ Hilltop apartment complex in Columbus. The complex, which contains 20 apartments for seniors aged 55+, was originally built in 1968. This Hilltop apartment complex received a million-dollar renovation through private funds made possible by Opportunity Zone funds.
Congressman Carey said, “Sometimes, all it takes is a small push to take a neighborhood from struggling to thriving. Opportunity Zones are revitalizing communities in Ohio’s Fifteenth District and across the country. We were grateful to see the impact of Opportunity Zones in action this morning and look forward to continuing our work in the Ways and Means Committee to help working Americans prosper.”
Renovations on the Hilltop complex included a new roof, HVAC systems, electrical, plumbing, laundry facilities, kitchens, bathrooms and flooring. Despite the cost of the upgrades, units are priced within range of the Section 8 Housing Voucher with 1-bedroom units at $989 per month and 2-bedroom units at $1,215 per month.
Background
Opportunity Zones are economically distressed communities, defined by individual census tract, nominated by America’s governors, and certified by the U.S. Secretary of the Treasury. There are 8,764 Opportunity Zones in the United States, including 43 in Franklin County alone. New investments in Opportunity Zones may be eligible for preferential tax treatment, like the kind received by New City Homes for its Hilltop project.
The Opportunity Zone program was established in the 2017 Tax Cuts and Jobs Act (TCJA). Portions of TCJA are set to expire in 2025 without Congressional reauthorization. Carey and other members of the Ways and Means Committee’s Community Development Tax Team have been conducting site visits across the country to learn more about Opportunity Zones and other projects made possible through TCJA.