Featured
The Best GO Zone Cash Flowing Investment
Did you pay Federal Income taxes any time in the past 3 to 5 years? Are you expecting to pay any in the future? How would you like to get paid to invest in a positive cash flowing property? Income producing, GO Zone qualified rental property is one of the best opportunities for real estate investors right now. Our new GO Zone project is in an highly desirable location just off the Interstate and directly across from a $900 million dollar commercial development. Our local developer, who is second generation has been building for over 40 years and understands the local market demand.
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Our team at GO Zone Gateway has spent over 2 years and thousands of hours into finding the best opportunity for investors. Investors who have spent time in the GO Zone know it is very difficult to find a quality project in an area you can be proud of and believe in future appreciation and a strong exit strategy. Having confidence in renting your property is also a concern among investors in tough economic times.
We have focused on a high net income area of $68,000 per household on average. Our Parish has a current unemployment rate of less than 5%, which almost half what the current national average is. We have also negotiated for the developer to have tenants ready by signing a 24 month lease with the investor and paying 6 months of that up front at closing! You can feel confident that you are investing in the correct property that encompasses all the benefits of the GO Zone.
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The GO Zone incentives run out at the end of this calender year, so do not hesitate to take advantage of this amazing legal tax shelter. We have finished inventory to ensure you maximize your GO Zone benefits. Call 561-404-7375 today!
MDA
Mississippi Long Term Workforce Housing ProgramThe Mississippi Development Authority’s Long Term Workforce Housing Program has been established to help create affordable workforce housing largely for the counties of Hancock, Harrison, and Jackson that were adversely affected by Hurricane Katrina.
The program is part of the Homeowner Assistance Grant Program, and its budget is $241 million, or $350 million when administrative cost is taken into consideration. The program works to help individuals with low or moderate income, destroy or prevent slums or blight, and assist communities with a need for fast help due to an immediate threat to the well being of the residents living there.
The action plan of the program outlines its most prominent goals and the methods that will be employed to reach them. It defines Long Term Workforce Housing as housing that helps households who make 120% of the Area Median Income or less.
Nearly 9,000 families as of 2008 were still living in trailers provided by the Federal Emergency Management Agency (FEMA) after being displaced by hurricane Katrina, three years after it occurred. Most of these people currently had incomes below the 120% mark of the Area Median Income. One of the main goals of the Long Term Workforce Housing Program was to help these people find permanent housing.
In order to decide which individuals, businesses, and charities should receive assistance, the Development Authority created a point system based on several factors.
One criteria is practicality of whether the amount requested was reasonable for the good done. Bonuses were the ability of the individuals or organization to receive additional financing from other sources or provide some of the funding.
Other criterion was based on the plans, environmental friendliness, varied incomes of individuals helped by the proposed project, and the location of the project. For example, it is favorable to be close to such amenities as downtown districts, employment centers, schools, public transportation, hospitals, fire stations, and police stations, and unfavorable to be near power plants and heavy industrial areas.
Applicants should also focus on the need for the project, the efficiency of the proposed schedule, the experience of the workers (including resumes for all team members), and the support of the community.
The program also works to ensure that a fair number of the contracts go to minority and woman’s businesses.
GO Zone news
GO Zone Extension Sought By Senators of MississippiMississippi State Republican senators Thad Cochran and Roger Wicker, in a bold effort to encourage building growth after hurricane Katrina, have introduced legislation towards that end.
This new bill would allow an extension of the soon to expire Gulf Opportunity Zone bonus depreciation tax by two years. The new expiration date would be December 31, 2011 instead of 2009, which is less than two months away as of this writing.
Senator Wicker, the author of the bill stated in a news release that Louisiana Democratic Senator Mary Landrieu and Republican Senator David Vitter had also signed on from the outset as cosponsors of the new measure.
In 2005 a tax incentive called the GO Zone Act was established that was the equivalent of 50% of the cost of property that qualified for the year it was put in service and was also taxable.
Areas that would benefit from the extended bonus depreciation incentive of the new bill are those in Mississippi and Louisiana, which suffered the most damage from Katrina; including the counties of Hancock, Jackson, Pearl River and Stone of Mississippi.
In Wicker’s news release he stated, “The bonus depreciation incentive has had a substantial impact on Gulf Coast rebuilding by helping fuel private investment in commercial and affordable housing construction.” He added, “Problems with flood maps and other infrastructure delays have prohibited many projects from being able to take advantage of the bonus depreciation incentive.”
Senator Cochran stated that in order for progress to continue to be made, the two-year extension was necessary. Another staunch supporter of the bill, Brian Sanderson, a member of the Gulf cost Business Council referred to the GO Zone as “one of the most important tools” develop by Congress after the destruction of Hurricane Katrina.
Investors and developers have taken advantage of the GO Zone’s depreciation deduction for rebuilding efforts spanning the Gulf Coast. A variety of building structures have been included in the Incentive. Everything from apartment complexes to hotels and factories to retail stores have been erected using this bonus incentive.
Senator Landrieu introduced two bills that are also being cosponsored by Senators Cocnran and Wicker. These would allow GO Zone tax credits to be extended for low-income housing projects and the restoration of historical buildings.
Rebuilding Efforts
Mississippi’s Disaster Recovery Falling BehindHas Mississippi Fallen Further Behind?
At the fourth anniversary of Hurricane Katrina, the harmful consequences of Mississippi’s misplaced priorities have become clear, and perhaps irreversible. The State has reduced its allocation for housing programs, lowered its forecasts for key affordable housing programs and abandoned plans for a full housing recovery. Between 2006 and 2008, the State reallocated over $800 million away from housing towards other purposes. Governor Barbour claimed the diversion was justified because existing programs would fully address the housing crisis caused by Katrina. Read more »
Bat bridge in Austin
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Featured
The Best GO Zone Cash Flowing InvestmentDid you pay Federal Income taxes any time in the past 3 to 5 years? Are you expecting to pay any in the future? How would you like to get paid to invest in a... Read more »
MDA
Mississippi Long Term Workforce Housing ProgramThe Mississippi Development Authority’s Long Term Workforce Housing Program has been established to help create affordable workforce housing largely for the... Read more »
GO Zone news
GO Zone Extension Sought By Senators of MississippiMississippi State Republican senators Thad Cochran and Roger Wicker, in a bold effort to encourage building growth after hurricane Katrina, have introduced legislation... Read more »
Rebuilding Efforts
Mississippi’s Disaster Recovery Falling BehindHas Mississippi Fallen Further Behind? At the fourth anniversary of Hurricane Katrina, the harmful consequences of Mississippi’s misplaced priorities have... Read more »
To important changes to the GO Zone
New GO Zone Projects and incentives
