The Week Ahead: Nearing the Forbearance Exit 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Print This Post On Dec. 19, 2019, the IRS published final regulations on Opportunity Zones. In a commentary on Bloomberg Tax, Forrest David Milder partner in the law firm Nixon Peabody, LLP, discusses the highlights of the 544 page regulation publication.Key details Milder notes include the 180-day investing period, the “100% Substantial Improvement Rule,” and tax consequences of sales after 10 years, which Milder notes is the “biggest change of all.”“The final regulations have adopted many of the post-10-year disposition changes requested by the investment community,” Milder states. “As a result, each of the following is eligible for favorable tax treatment after ten years: sale of a QOF interest held by an investor; sale of a directly owned property by a QOF; sale of an interest in a partnership, limited liability company, or stock held by a QOF; and sale of property held by a QOZB partnership, LLC, or corporation in which the QOF invests.”For residential investors, used property is generally not eligible for favorable treatment unless it is “substantially improved.” The final regulatons, Milder notes, have adopted a broader, “aggregate” rule, with have two sets of substantial improvement rules.This will require developers and their advisors to closely study the rules with each rehabilitation.One set of new rules allows for improvements to buildings on contiguous parcels, or buildings located on a single parcel and transferred in a single deed. To aggregate under this rule, all of the buildings must receive some rehabilitationIn November 2019, shortly before the final regulations, the U.S. Department of Housing and Urban Development (HUD) Secretary Dr. Ben Carson announced the Federal Housing Administration will offer new incentives to borrowers interested in rehabilitating homes in Opportunity Zones.The new incentives are part of the expansion of its Limited 203(k) Rehabilitation Mortgage Insurance Program for homes in Opportunity Zones.“In the end, I think that the IRS deserves a great deal of credit for working its way through so many comments and suggestions and applying an excellent measure of flexibility at many turns,” Milder concludes. “At the same time, I think we can expect to uncover many more investment opportunities and obligations as we spend more time with the regulations and working through investments with taxpayers, developers, fund organizers and managers.” Servicers Navigate the Post-Pandemic World 2 days ago Share Save About Author: Seth Welborn Navigating Opportunity Zones Investment Regulation Sign up for DS News Daily January 7, 2020 1,807 Views in Daily Dose, Featured, Government, Investment, News Seth Welborn is a Reporter for DS News and MReport. A graduate of Harding University, he has covered numerous topics across the real estate and default servicing industries. Additionally, he has written B2B marketing copy for Dallas-based companies such as AT&T. An East Texas Native, he also works part-time as a photographer. Related Articles Previous: Mortgage Relief Scam Defendants to Pay $18.5M Next: U.S. Supreme Court Weighs in on Ticking FDCPA Timer House HUD Investment IRS Opportunity Zones 2020-01-07 Seth Welborn The Best Markets For Residential Property Investors 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Best Markets For Residential Property Investors 2 days ago Home / Daily Dose / Navigating Opportunity Zones Investment Regulation Demand Propels Home Prices Upward 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Demand Propels Home Prices Upward 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Tagged with: House HUD Investment IRS Opportunity Zones Subscribe
2017 RC3 winners and defending Telecoms Games, IHS Towers were surprisingly whitewashed, in the opening game of the tournament, by FMCG Games runner-up, Unilever in a similar 3-0 defeat. The Unilever team assumed control of the tie from kick-off and badgered their opponents with finely tuned attacks and skills.Superstar musician, Ololade Keshinro popularly known as Lil Kesh punctuated the activities of the day with some of his popular tunes. Lil Kesh who was amazed by the dazzling fan reception provided amazing renditions of his top hits such as Able God, Gbese, and Ibile.Upon resumption of action, FMCG Games champions, Nestle trounced new-entrants, Union Bank in another high scoring 3-0 victory. The first-half ended goalless thanks to the heroics of the Union Bank goalkeeper but he ultimately fell short in the second half as the flamboyant Nestle side found the net thrice with great ease, thereby ending the inaugural experience of the bankers.Bankers’ Games runner-up, FCMB secured the final spot of the semi-final in a hard-fought 1-0 victory over Insurance Games champions, NEM Insurance. FCMB took the lead in the early minutes of the game and defended resolutely in what was adjudged the most technical battle of the day.At the end of play, FrieslandCampina, Nestle, FCMB and Unilever booked their semi-final spots with relative ease.FrieslandCampina will go toe-to-toe with Nestle while FCMB tackle Unilever on Sunday, 25 August 2019, for spots in the final of the competition.The fanfare was graced by dignitaries and c-class executives such as Deremi Atanda Executive Director of SystemSpecs; Jimmy Shogbesan, Chief Operating Officer of MediaVision Limited; and Tournament Ambassador, Peter Rufai.Share this:FacebookRedditTwitterPrintPinterestEmailWhatsAppSkypeLinkedInTumblrPocketTelegram Defending Champions, FrieslandCampina, began their title defence of the prestigious Remita Corporate Champions Cup (RC3) Tournament in Lagos on Sunday with an emphatic 3-0 victory over Telecommunications Games runner-up, MTN in a highly entertaining match-up.The 2019 edition of the RC3 kicked off at the Yaba College of Technology Sports Pavilion with FrieslandCampina scoring two first-half goals in quick succession to set the tone for what would be an end-to-end attacking display by both sides.The second half saw few spurned chances and close calls by both sides until an MTN defender scythed a FrieslandCampina forward in the 18-yard box. Ruth Okafor, the appointed female referee, did not hesitate to point to the spot, with the attendant penalty kick coolly converted to secure a place for the side in the semi-finals.
A Sophia, Greater Georgetown couple along with four other family members are now homeless after a fire of unknown origin gutted their home on Monday.The family’s residence in North Sophia, Greater Georgetown, that was destroyed by fire on MondayUmawattie Premraj aka “Chinee” and her husband, Sasenarine SinghUmawattie Premraj called “Chinee” along with her husband, Sasenarine Singh, who is confined to a wheelchair, resided in their two-storey wooden home at Lot 45 North Sophia, Greater Georgetown. Reports are the fire started at about 12:30h.The distraught woman explained to this publication that she had just returned home with her grandchild, whom she usually babysits, and was reading a document from the child’s school when neighbours alerted her of the fire.“She got a piece of slip in her bag and while reading this slip the boy call and tell me my kitchen on fire upstairs. So I told him that I don’t cook upstairs but he kept saying my kitchen is on fire. So when I get up and I look I see the whole top on fire and the only thing I could do is scramble my husband and bring him out and start hollering and a man come and collect my husband and then I went back for the child,” Premraj said.She stated that her husband’s right leg was amputated and as a result, their daughter and son-in-law were living with them temporarily to assist them.“Since he had his surgery, we always downstairs and that is where we usually are. I don’t know what caused the fire. As for where we are going to stay from now, I really don’t know either.”Premraj added that the fire destroyed all of her and her husband’s valuables and clothing.“All the room have wardrobes, three bedrooms, wall dividers, computer, television upstairs, stove, freezer, my fridge, everything is gone. The only clothing I could have saved is what I am wearing right now. I can’t say what really happened to cause this fire,” she lamented.Premraj noted that by the time the Guyana Fire Service arrived to the scene, her home was almost burnt to the ground.