Donovan Applauds Senate Adoption of GO Zone Tax Credit Extension
HUD Secretary Shaun Donovan issued a statement following the U.S. Senate’s adoption of an amendment extending the Gulf Coast Opportunity Zone (GO Zone) Low Income Housing Tax Credit (LIHTC) placed-in-service date by two years, to December 31, 2012. Donovan and Treasury Secretary Timothy Geithner sent a letter to U.S. Senator Mary Landrieu earlier, expressing the Administration’s support of the amendment she sponsored.
“The GO Zone tax credits have driven redevelopment efforts and stimulated local economies in these devastated areas, helping to enable families to return to their communities more quickly,” wrote Donovan. “The extension of the GO Zone credits will provide the flexibility for new developments to serve as economic engines for communities that are more viable. We now have an opportunity, not only to revitalize New Orleans, but also to use the Crescent City as a model for building more livable, accessible, and sustainable cities across the country.”