LANCASTER, Pa., Dec. 08, 2021 (GLOBE NEWSWIRE) -- OZFund, Inc ('OZFund'), a community-focused Qualified Opportunity Fund ('QOF') with a solution to help revitalize working family neighborhoods by acquiring and developing multi-use properties located in the 'Opportunity Zones' of Central Pennsylvania and Mid-Atlantic regions, announced today that it has been endorsed by the Commonwealth's Redevelopment Assistance Capital Program (RACP) project, and awarded a $1.0 million dollar grant in the latest round of RACP award announcements.
OZFund addresses the growing problem for working families by designing and building safe, affordable, and convenient rental housing. Currently, the OZFund is developing the former Rebman's warehouse property on South Queen Street, Lancaster, PA, into approximately 70 apartments and almost 10,000 square feet of commercial space for lease by businesses that offer products and services that benefit the local community.
Fundraising for the project continues, with investment opportunities still available.
OZFund focuses on utilizing its wealth of investing knowledge and real estate experience to create safe, modern rental housing. In addition, the OZFund is considering other workforce housing projects in the Opportunity Zones (OZs) of Pennsylvania and mid-Atlantic regions. Geared towards taxpayers looking to invest in real estate projects or in operating businesses, Opportunity Zones are tracts of land designated by the Federal government as areas offering special tax breaks to investors who invest in projects located in OZs.
"OZFund is thrilled at the announcement of the Rebman's workforce housing project as the recipient of this Redevelopment Assistance Capital Program grant," said OZFund's Chairman and Chief Executive Officer, Jeremy P. Feakins. "The objective of the OZFund is to design and build safe, reasonably-priced rental housing for America's working families. Our team has a proven track record of real estate investing and property development from design through construction and execution. We thank the Commonwealth of Pennsylvania and all our investors for their part in making this project in Lancaster a reality."
"The Rebman's project will be an amazing resource for Lancaster's working families, and most worthy of designation as a Redevelopment Assistance Capital Program project," said OZFund's Director of Government Affairs, Paula Vitz. "The OZFund is very grateful for both the support of our state elected officials and to the Commonwealth of Pennsylvania for this grant."
The Redevelopment Assistance Capital Program is a Commonwealth grant program administered by the Office of the Budget for the acquisition and construction of regional economic, cultural, civic, recreational, and historical improvement projects. RACP projects are authorized in the Redevelopment Assistance section of a Capital Budget Itemization Act, have a regional or multi-jurisdictional impact, and generate substantial increases or maintain current employment levels, tax revenues, or other measures of economic activity.
To learn more about OZFund, please visit: https://www.ozfundinc.com
About OZFund, Inc
OZFund, Inc., is a community-focused Qualified Opportunity Fund ('QOF') with a solution to help revitalize working family neighborhoods by acquiring properties located in the 'Opportunity Zones' of Central Pennsylvania and Mid-Atlantic regions for redevelopment into reasonably-priced rental housing and commercial space for businesses serving the community. Geared towards taxpayers looking to invest in real estate projects or in operating businesses, Opportunity Zones ('OZs') are tracts of land designated by the Federal government as areas offering special tax breaks to investors who invest in projects located in OZs. OZFund focuses on utilizing its wealth of investing knowledge and real estate experience to create safe rental housing for America's working families.
Media Contact:
Jeremy P. Feakins
Chairman of the Board and Chief Executive Officer
Contact Address: 800 South Queen Street, Lancaster, PA 17603
Contact Email: jpf@ozfundinc.com
Contact Phone: 717 715 0238
Fund Website URL: www.ozfundinc.com
Related Images
This content was issued through the press release distribution service at Newswire.com.
Attachment
