San Antonio was one of seven new empowerment zones announced by the department of Housing and Urban Development. The San Antonio empowerment zone is centered around KellyUSA, the former Kelly Air Force Base, the Fredericksburg Road commercial corridor and the Interstate 10-I-35 commercial-industrial corridor.
Designations also went to Pulaski County (Little Rock), AR; Fresno, CA, Jacksonville, FL, Oklahoma City, and Syracuse and Yonkers, NY. Austin, which has applied for an empowerment on its east side, was not on the list.
In Austin, officials were disappointed. John Breier, economic development vice president of the Greater Austin Chamber of Commerce, tells GlobeSt.com that the several groups that put the application together learned a lot in the process. They intend to continue with a long-term economic development plan for the area.
Breier says the groups may seek an enterprise zone designation for the area from the state of Texas. Administered through the Texas Department of Economic Development, such a designation brings tax incentives for job creation.
The seven federal empowerment zones are in line to share $17 billion in tax incentives. The incentives will go to companies that put businesses and developments in the designated zone boundaries. About $11 billion will go toward low-income housing and new market tax credits.
The new empowerment zones, authorized by the 2000 Community Renewal Tax Relief Act, are to use public-private partnerships for economic revitalization in areas with high unemployment and shortages of affordable housing.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
