FHA 203(K) Limited allows for up to $50,000 in rehabilitation costs (instead of the usual $35,000) for properties located in one of the Treasury Department’s designated “Qualified Opportunity Zones”.
This exception is limited to the first 15,000 Mortgages secured by Properties in Qualified Opportunity Zones during each calendar year from now through December 31, 2028.
Qualified Opportunity Zones are economically distressed communities that have been designated as such by the Secretary of the US Treasury to promote new investments, and under certain conditions, may also be eligible for preferential tax treatment as well.
