Navigating Opportunity Zones Investment Regulation

first_img 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 Timercenter_img 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 Subscribelast_img read more

Ag Forecast 2013

first_imgFor farmers, the decision to start exporting their products can be daunting or even down right confusing.UGA’s 2013 Farm to Port Ag Forecast economic outlook series will feature local producers and business people who will share how they broke into the export market and the benefits they’ve seen since making the leap. “As we continue to move toward a global economy, there are new opportunity overseas and across our boarders that can provide a positive economic impact on Georgia’s farmers,” said Kent Wolfe, executive director of the UGA Center for Agribusiness and Economic Development, which is helping to organize the 2013 Ag Forecast. “However, being aware of these opportunities and the issues associated with accessing foreign markets can be an overwhelming task. “Hopefully, our local speakers will be able to share some insight and their experience in exporting Georgia products hopefully paving the way for others to take advantage of existing and emerging foreign markets.” UGA’s College of Agricultural and Environmental Sciences coordinates the seminars in conjunction with Georgia Farm Bureau and the Georgia Department of Agriculture. The Ag Forecast seminars were made possible through an endowment funded by Georgia Farm Bureau. This is the seventh year the program has been offered. The two-hour programs provide lunch or breakfast and bring together agricultural economists and economic development experts from around the state to give producers and business owners a preview of what they can expect from the market in the coming year. The seminar series will be held January in Athens, Rome, Macon, Tifton, Bainbridge and Lyons. Georgia Department of Economic Development Director of International Trade Kathe Falls will deliver the keynote, and a local speaker will address the specific challenges and benefits of exporting from their region of Georgia. Jim Sumner, president of the USA Poultry & Egg Export Council and president of the International Poultry Council, will speak at the Jan. 25 Ag Forecast at the Georgia Center for Continuing Education in Athens. Georgia farmers are the largest producers of poultry in the U.S., turning out about 1.3 million birds a year. A growing number of those are for the export market, with farmers breaking records for exports in 2011 and on track to break records in 2012, according to Toby Moore, vice president of communications for the council. The Poultry and Egg Export Council represents 220 poultry processing and trading companies across the United States. The council collaborates with the U.S. Department of Agriculture’s Foreign Agricultural Service to promote U.S. poultry and egg products in 13 foreign countries. “As the nation’s leading poultry and egg producer, no state has benefited more from exports than Georgia,” Sumner said. “Since 1990, exports of Georgia poultry have grown from about $93 million to an estimated $790 million in 2012. From a production point of view, Georgia’s poultry industry has grown from exporting 7 percent of its total production to over 25 percent during that same period. That’s a success story we’re very proud of here at (the council).” Maggie O’Quinn, who leads Certified Angus Beef ® marketing efforts in parts of the U.S. and in Latin America, will speak at the Jan. 28 Ag Forecast at the Rome-Floyd County ECO River Education Center. O’Quinn has launched the Certified Angus Beef brand in 15 markets across the Caribbean and Central and South America. She currently serves on the executive committee of the U.S. Meat Export Federation. Al Pearson, owner of Pearson Farms in Fort Valley, Ga., will speak at the Jan. 29 Ag Forecast at Georgia Farm Bureau Headquarters in Macon. Pearson is a middle Georgia peach and pecan farmer who has grown Pearson Farms to include 2,700 acres of peach and pecan trees, a peak season workforce of 200 people and a growing export market. Jimmy Webb, a managing partner with Harvey Jordan Farms Partnership in Leary, Ga., will speak at the Jan. 30 Ag Forecast at the University of Georgia Conference Center in Tifton. Webb, a 28-year veteran cotton and peanut producer, has held leadership roles in a number of cotton and peanut trade groups. He currently serves as a Georgia delegate to the National Cotton Council and to the Cotton Board, as president and director of Cotton Council International, as director of the Southern Cotton Growers group and as president of American Peanut Marketing. Richard Barnhill, owner of Mazur and Hockman Peanut Brokers, will address the Jan. 31 Ag Forecast in Bainbridge at the Cloud (Decatur County) Livestock Facility. Barnhill has worked in the peanut processing industry since 1986, and he is a former president of the American Peanut Council, a former board member of the Georgia Peanut Producers Association and past chairman of the Associate Board of the American Peanut Shellers Association. He will speak on the export market for Georgia peanut products. Jon Schwalls, director of operations for Southern Valley Fruit and Vegetables, will address the Feb. 1 Ag Forecast in Lyons. Southern Valley Fruit and Vegetable is a Norman Park, Ga. producer of cucumbers, peppers, squash, watermelons, green beans and other vegetables. In addition to their 3,000-acre farm in Georgia, Southern Valley operates a 1,500-acre farm in Mexico so that they can provide vegetables to their customers year-round. This is the first year UGA has held its Ag Forecast in Bainbridge and Lyons. It is also the first year in several years that a Ag Forecast meeting has been held in Rome. Registration is now open and information about the 2013 Ag Forecast is posted at georgiaagforecast.com and on Twitter through @GaAgForecast. For more information, contact your local UGA Cooperative Extension office at 1-800-275-8421.last_img read more

Man with Rifle Nabbed Near East Patchogue School

first_imgSign up for our COVID-19 newsletter to stay up-to-date on the latest coronavirus news throughout New York Verne W. Critz Elementary School in East Patchogue was put on lockdown and a man was arrested Tuesday after police received reports of a person near the school carrying what appeared to be a rifle, Suffolk County police said.When police arrived they found a man with a rifle, but later learned that it was an old relic that was welded shut, a police spokeswoman said.The man, who police didn’t identify, was arrested, but the charge is unrelated to the gun, police said.Responding officers determined that he had “no intention to harm anyone,” the spokeswoman said.It was unclear how close he got to the school.The lockdown was lifted around 1 p.m., police said.School officials did not return a call for comment.last_img read more

Sunday’s special: A big helping of Pot Roast

first_imgDenver Broncos defensive tackle Terrance Knighton talks with reporters during a news conference Thursday, Jan. 30, 2014, in Jersey City, N.J. (AP Photo)JERSEY CITY, N.J. (AP) — When defensive end Jeremy Mincey signed with Denver last month, he couldn’t believe defensive tackle Terrance Knighton had tried to ditch his nickname “Pot Roast.”“I’m like, ‘Dude, that’s a great name. Like, it makes you seem colossal,” Mincey recounted.The 6-foot-3 330-pound Knighton has sure come up huge for the Broncos in the playoffs.Knighton, who was teammates with Mincey in Jacksonville from 2009-12, helped hold New England’s bruising running back LeGarrette Blount to 6 yards on five carries in the AFC Championship a week after his four-TD game against Indianapolis.Knighton also dumped Tom Brady for a sack on a crucial fourth down, then busted out some smooth dance moves.“He had an outstanding game,” Mincey said. “He’s a good player, man. Listen, he’s always been like that. It didn’t surprise me. It might have surprised a lot of people, but it didn’t surprise me.”The Broncos could use an encore performance out of Knighton against Seattle Seahawks running back Marshall Lynch and elusive quarterback Russell Wilson in the Super Bowl so that Peyton Manning and his record-shattering offense can get on the field to do their thing.Mincey said he expects a gargantuan game out of his buddy, big enough, he said, to make “Pot Roast” as much a part of Super Bowl lore as William “The Refrigerator” Perry.“Dude, dude, there’s no limits to this kid, man. He’s phenomenally athletic. He can run for his size. He’s very intelligent. I mean, he’s basically built for this game,” Mincey said. “I don’t know what other way to put it, he’s built for this game.”As for his nickname, Knighton, a fifth-year pro out of Temple, said he was so ready to start anew after so many losing seasons in Jacksonville that when he signed his two-year, $4.5 million deal in Denver, he even wanted a new moniker.At his introductory news conference, he asked for suggestions on Twitter. Nobody came up with anything better, but some of his teammates in Denver did start calling him T-Knight — until Mincey arrived in mid-December after his release from the Jaguars.“I didn’t know he was re-establishing himself or trying to get away from that name,” Mincey said. “I think they got back to it when I first got here and I’m like, ‘Yeah, it’s an honor playing with my boy Pot Roast again.”Mincey told him to embrace it.“I said, ‘Dude, you get a nickname in the NFL, man, take it and run with it.”And so he has — even though he’s not really a huge fan of the dish. He said he’s only had it twice, once during his rookie season in Jacksonville in 2009 and again earlier this month when he took Denver’s entire defensive line out to dinner.Like any good nickname, Knighton didn’t get to choose it himself. It was bestowed upon him by former Jaguars linebacker Clint Ingram on a flight home from Seattle his rookie year.“It was a six-hour flight, guys are tired, plane is dark and the lady is walking down the aisle saying, ‘Pot roast? Pot roast? And I’m like, ‘Right here. My teammate behind me was like, ‘You’re saying that like that’s your name. I’m going to call you ‘Pot Roast.’ And then it stuck with me,” Knighton recounted.“It was either that or shrimp alfredo. So, I’m glad I got that.”___AP NFL website:  www.pro32.ap.org___Follow AP Pro Football Writer Arnie Melendrez Stapleton on Twitter: http://twitter.com/arniestapletonlast_img read more

Brenda Williams Appointed to National Women United Board

first_imgFacebook25Tweet0Pin0Submitted by United Way of Thurston CountyBrenda Williams, owner of TAGS Awards and Specialties and an active member of the Women’s Leadership Council of United Way of Thurston County, has been appointed to the board of the national United Way Worldwide Women United.Olympia business owner and community volunteer Brenda Williams has been appointed to serve on the board of the national United Way Worldwide Women United.  She is the first woman from Washington State to be appointed to this countrywide board. Williams, who is co-owner of TAGS Awards and Specialties, and an active member of the Women’s Leadership Council of United Way of Thurston County, has lived in Olympia since 1993. Her interest in women’s issues started when she attended the all-women Smith College.“Representing not only Olympia, but the entire Northwest on this national stage is an honor and a privilege,” notes Williams. “I am eager to share what we have been working on in Thurston County as well as learn about other projects across the nation and bring those ideas back home.”“Brenda’s local leadership has been essential to the success of the Women’s Leadership Council,” states Patricia Hart, Development Director at United Way of Thurston County. “We are thrilled to have her representing us at the national level.” About Women’s Leadership CouncilThe United Way Women’s Leadership Council (WLC), also known as Women United, isa global network of more than 70,000 women in 155 communities across six countries, all dedicated to improving lives and creating stronger communities. Nationally, these women make up the single most successful organization of its kind. Since its inception in 2002, the Women’s Leadership Council has raised more than $1 billion to drive real and lasting change. The contributions of these women leaders go well beyond financial donations: they get involved, shake things up and make a measurable difference in their own backyard and around the world. Women’s Leadership Council members speak up, unite and take action on issues that hit closest to home-by giving, advocating and volunteering. Members’ ages, ethnic backgrounds, professions and interests are diverse. The one common denominator is a belief in the power of community change: by working together to take on complex challenges, we all benefit. Beyond making an annual financial contribution, members invest their time, professional expertise and talent to advance causes they care passionately about, while connecting with other powerful, committed women in the community. The United Way Women’s Leadership Council aims to be the most recognized, esteemed and flourishing network of its kind, maximizing the contribution of women to the Council and their communities on all levels-local, national and global.last_img read more

Ashley Makes a Splash in Red Bank

first_imgTRT Style Editor Julie Davis and I were on a mission recently to buy new swimsuits for the season. Not just any swimsuit, but something eye-catching with great lines that would flatter our figures. Where did we shop? At the celebrated Femme by Ashley in Red Bank, a trendy lingerie and swimwear boutique that opened in mid May on Broad Street. It just happens to be near my favorite boutiques CoCo Pari and Wisteria. Ashley is named for Ashley Dupre, the former escort from Wall Township, whose liaison with ex New York Gov. Eliot Spitzer created a wave of political scandal that led to his resignation. But that was then, and this is now. Ashley is doing swimmingly and is debuting a well-edited bathing suit collection. And her selections are divine. Stop in. She personally helped me decide between two gorgeous two-piece styles. We decided on the aqua. Thanks, Ashley (my new BFF). I might be back for the metallic one.last_img read more

Fair Haven Asks State to Review Open Records Law

first_imgFAIR HAVEN – The borough is joining other public entities around the state in the coming weeks in a call to reexamine and reform the Open Public Records Act (OPRA), claiming that excessive requests are tying up town hall. The borough council took action by resolution Monday, Nov. 25, encouraging the state Legislature to form a commission of stakeholders to review the demands of OPRA on local governments. The resolution, distributed by the Municipal Clerks’ Association with the support of the League of Municipalities, states that OPRA, as it approaches its 20th anniversary, “has outgrown its original intended use and has become ripe for comprehensive review and reform.” The association distributed 700 sample resolutions to its members to urge support for the initiative about a month ago. To date, Popkin said 200 have been endorsed by local governments around the state. “I’m betting we get 500 of these by Christmas,” he said. Fair Haven received 241 requests in 2019 as of Oct. 31, compared to the 244 received in 2017, and 202 in 2018. Some are more complex than others. The staff has collectively spent about 400 hours responding to OPRA requests this year as of Oct. 31, Fair Haven stated in the resolution. OPRA was established in 2001 to make government records accessible to the public unless permitted otherwise or deemed confidential. “We are as open and as transparent as we can be,” Cinquegrana said. OPRA requests must be responded to within seven days. “We have no problem with the average person coming in, requesting a copy of a budget or ordinance,” said Joel Popkin, executive director of the Municipal Clerks’ Association of NJ. But, he said, businesses are using OPRA to prospect potential customers, and gadflies are using OPRA to demand historical records. Some clerks in small towns can’t keep up. “A couple of weeks ago, someone wanted all the emails from the mayor from last eight years,” Popkin said. Some requests are short and simple; others require the clerk to request a time extension to complete them. Some examples of requests include: information from 1996 to February 2019, such as emails, voicemails, letters, etc.; the histories of ordinances, like copies of the first Land Use Ordinance through current times; multiple requests from the same person for the same information provided numerous times; past and current Land Use applications such as resolutions and exhibits; businesses and solicitors looking for vendor information; requests for borough employees’ email history; media requests for police internal affairs reports or settlements; vendor contracts; and much more. “It’s constant,” Allyson M. Cinquegrana, the municipal clerk in Fair Haven, said of OPRA requests. As the custodian of government records in the borough, she has completed 20 OPRA requests this month alone, as of Nov. 26. Most requests come in electronically through the borough’s website, but some people also make them by fax or in person. Electronic requests are easier to respond to in general, she said. Fair Haven is not the only municipality experiencing an uptick in OPRA requests. In 2018 a public school in Spring Lake considered hiring a part-time assistant solely to handle OPRA requests. The school’s superintendent at the time said the influx of requests was keeping administrators and secretaries from their day-to-day tasks. Salary and property information are among the more popular requests for information, Cinquegrana said. Requests are free of charge unless the information is more than 20 pages. After that, it’s 5 cents per page. If the office sends out plans for an OPRA request, it’s about $1 per sheet. Suggested members of the commission would be mayors, municipal clerks, municipal managers, attorneys, police chiefs, open government advocates, privacy experts, media members, citizens and other stakeholders, the resolution states. Copies of the resolution were sent to Sen. Declan O’Scanlon (R-13); Assemblymembers Amy Handlin (R-13) and Serena DiMaso (R-13); Assembly Speaker Craig Coughlin; Senate President Stephen Sweeney; Sen. Loretta Weinberg, Senate majority leader; the executive director of the Government Records Council; and Gov. Phil Murphy. Sea Bright clerks have seen similar increases over the years as well. According to Christine Pfeiffer, municipal clerk, she has seen a slight increase in OPRA requests over the years. The types of requests “run the gamut,” she said.last_img read more

Mallard’s Team of the Week — Nelson Italian Society Bocce Winners

first_imgThe A-event winners were Hans Barth and Giuseppe Bertuzzi. But on this day everyone celebrated playing the sport they enjoy with friends.Mallard’s Source for sports would like to recognize all the players with Team of the Week honours.The results from the annual Italian Society Bocce Tournament are:A-Division: First Hans Barth and Giuseppe Bertuzzi; second, Armando Savarin and Terry Tagami and Egidio Maida and Jayden Maida. B-Division: First Joe Szabo and G. Babuin; second Nic Murano and Joe Geurcio and third Joe Sacino and V. Toteda. The Nelson Italian Society staged its annual Bocce Tournament at Rotary Lakeside Park courts during the summer.last_img read more