The U.S. Department of Housing and Urban Development (HUD) Secretary Scott Turner issued a statement following the passage of President Trump’s One Big Beautiful Bill, which is set to become law.
According to Secretary Turner, "The President’s One Big Beautiful Bill will revitalize and uplift rural, tribal, and urban communities across America, delivering the largest deficit reduction in decades, providing the biggest tax cut ever for working-class Americans, and expanding the benefits of Opportunity Zones so this transformative policy can have an even greater impact." He added, "I’m especially pleased to see Opportunity Zones made a permanent part of our tax code, providing much-needed continuity. Additional enhancements, including a rolling designation cycle and expanded investment incentives for underserved rural communities, will build on the momentum of Opportunity Zones, which have already lifted more than one million Americans out of poverty, attracted more than $89 billion in investment, increased housing supply by more than 300,000 new residential addresses, and created more than half a million jobs. Thanks to President Trump’s bold leadership, our nation’s fiscal sanity is restored and our country’s financial future is better and brighter than before. The One Big Beautiful Bill is a massive victory for the American worker, the American small business owner, and the American family, and it’s just the beginning of America’s Golden Age."
The legislation includes provisions that make Opportunity Zones permanent within federal tax law. It also introduces new measures such as ongoing designation cycles for these zones and broader incentives aimed at attracting investments in underserved rural areas. HUD reports that since their inception Opportunity Zones have resulted in significant private investment flows into targeted communities and have contributed to increases in affordable housing stock as well as job creation.
