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HUD Expands 2006 DDA Designations under Gulf Opportunity Zone Act

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From: HUD USER News
 
The Gulf Opportunity Zone Act of 2005 (the GO Zone Act),
passed in December 2005, brought changes to the Federal
tax code designed to aid the recovery of the Gulf Coast
after the devastating hurricanes of 2005.
 
The GO Zone Act designates all areas declared by
President Bush as eligible for individual or individual
and public assistance under the Stafford Act due to
Hurricanes Katrina, Rita, and Wilma as Difficult
Development Areas (DDAs) through the end of 2008, and
exempts these GO Zone DDAs from the 20 percent population
cap on regular DDAs.  
 
Low-Income Housing Tax Credit (LIHTC) projects in DDAs
are eligible for up to 30 percent more LIHTC subsidy than
projects not located in DDAs. Regular DDAs are designated
by HUD as the population-weighted 20 percent of
metropolitan areas and nonmetropolitan counties with the
highest construction, land, and utility costs relative to
local area median gross income.
 
Because some of the GO Zone DDAs had already been
designated as regular DDAs for 2006, their exemption from
the population cap allowed HUD to designate additional
DDAs. HUD will publish a notice in the Federal Register
making these changes official February 24, 2006. The text
of the notice and tables listing all of the 2006 DDAs are
available from HUD User at
https://www.huduser.gov/datasets/qct.html. The changes in
DDAs made by the supplemental notice are listed below.


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