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How can I use my 203(k) Rehabilitation Mortgage Insurance program to repair my home located in an OZ?

I heard the Federal Housing Administration is launching an incentive to help make OZ properties more attractive. How can I get this loan and what kind of home repairs are included?


Answers
  • Forrest Milder
    December 10, 2019

    The OZ program applies to properties "used in a trade or business," and therefore, I expect that it would not apply to your home, which I presume you are using as a personal residence.

  • Matt Campbell
    December 10, 2019

    Your home would have to be converted to a rental. The Opportunity Zone program must have an active trade or business. You also would have to double the basis of tangible property.

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