North Columbus News

Representative Mike Carey (OH-15) toured New City Homes’ Hilltop apartment complex in Columbus this morning. The complex, which contains 20 apartments for seniors aged 55 and older, was originally built in 1968. It recently underwent a million-dollar renovation funded through private investments made possible by Opportunity Zone funds.

Congressman Carey stated, “Sometimes, all it takes is a small push to take a neighborhood from struggling to thriving. Opportunity Zones are revitalizing communities in Ohio’s Fifteenth District and across the country. We were grateful to see the impact of Opportunity Zones in action this morning and look forward to continuing our work in the Ways and Means Committee to help working Americans prosper.”

Renovations on the Hilltop complex included new roofing, HVAC systems, electrical work, plumbing, laundry facilities, kitchens, bathrooms, and flooring. Despite the cost of these upgrades, units remain priced within the range of Section 8 Housing Vouchers: $989 per month for one-bedroom units and $1,215 per month for two-bedroom units.

Opportunity Zones are economically distressed communities defined by individual census tracts. These zones are nominated by America’s governors and certified by the U.S. Secretary of the Treasury. There are 8,764 Opportunity Zones in the United States, including 43 in Franklin County alone. New investments in these zones may be eligible for preferential tax treatment similar to that received by New City Homes for its Hilltop project.

The Opportunity Zone program was established under the 2017 Tax Cuts and Jobs Act (TCJA). Portions of TCJA are set to expire in 2025 without Congressional reauthorization. Carey and other members of the Ways and Means Committee’s Community Development Tax Team have been conducting site visits across the country to learn more about Opportunity Zones and other projects facilitated through TCJA.