Housing and Urban Development Secretary Ben Carson visited Columbus Friday to promote a federal tax break program known as "Opportunity Zones."
Secretary Carson toured Lakeisha Terry’s home in the Milo Grogan neighborhood. She moved in about a month ago thanks to the low income housing tax credit, and Carson believes the area’s Opportunity Zone designation will draw more investment.
“Now here’s an opportunity to take some of those unrealized capital gains, plow them back into the areas that have been economically deprived,” Carson said, “and—why can’t everybody thrive?”
Opportunity Zones are census tracts where private investors can avoid capital gains taxes by maintaining their stake in the area for 10 years. The plan is meant to enrich disadvantaged neighborhoods, but some of the zones designated in Ohio are already flush with private investment.
