After Hurricane Katrina many government incentives were put into place. Let's hear from a local agent - Lewis on this...
Lewis is with ReMax and sold my Pass Christian (on Gulf of Mexico) waterfront home earlier this year (after a rehab gone bad!).
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Hurricanes Katrina and Rita that hit the country middle of 2005 were considered the most devastating natural disasters the country has ever had. These calamities really had a huge impact on the affected states’ economy. Due to this, Congress approved the house bill number HR 4440 on December 16, 2005 which was signed by President Bush five days later. HR 4440, known as the Gulf Opportunity Zone Act of 2005 or the GO Zone Act, offers several tax benefits to properties built and placed into service in the GO Zone region after the hurricanes. The incentives are being offered by the government to help bring back life once again to the affected areas and rebuild the economies of these states.
Mississippi Home Corporation, a state agency has $40.5 million that will go to the six South Mississippi counties to supply 3,000 housing units.
Marketing studies show 5,000 affordable housing units were lost after Hurricane Katrina on the Mississippi Coast. Not all counties in Mississippi are covered by the provisions of the act. To see a list of eligible counties and to read other valuable information go to www.gozoneonline.com/GOZONE-counties.
Hi Lewis,
Thanks for posting that. Can you give us some specific intelligence about what's happening currently in the market there? Are homes selling quickly? What is the greatest unmet need in the market right now?
How can investors profit? Would you recommend building new structures, and if so where?
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