Today, the innovative fund administrator NES Financial announced that it has contracted with Opportunity Fund management firm Propel, Inc., to provide its purpose-built fund administration suite to their new Opportunity Fund.
The tax incentives associated with the Opportunity Zones program were created to encourage long-term investment into targeted economically distressed areas across the country. Opportunity Zone investments offer investors temporary tax deferral, partial reduction of taxes on an investor’s realized capital gains, and total elimination of taxes on all capital gains due to the appreciation of the OZ investment. As a result, the OZ program has opened up enormous potential for developers and real estate investors looking to raise capital at attractive rates and deploy it to underserved communities across the country.
Propel, Inc., was founded by Frank Austin, an award-winning community developer and real estate investor with more than 25 years’ experience in entrepreneurship — and consistent and proven success in urban areas. His lifelong passion has been to apply strategic thinking and investment to care for socioeconomically underserved groups around the nation. With Propel, Austin and his team plan to raise and deploy $450 million into real estate projects throughout the US, with a mission to erase blight and instill a sense of pride in struggling communities.
Read the full press release about Propel Opportunity Fund by clicking here.
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