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Renewal Communities, Empowerment Zones and Enterprise Communities (RC/EZ/EC)
The HUD Initiative for Renewal Communities, Empowerment Zones and Enterprise Communities (RC/EZ/EC) is important to development within distressed
urban and rural areas nationwide. The Initiative, through federal grants, tax incentives, and partnerships with government, for-profit and non-profit
entities, has opened new businesses and created jobs, housing, and new educational and healthcare opportunities for thousands of Americans.
The Gulf Opportunity Zone (GO Zone) Act of 2005 expanded the provisions of the Katrina Emergency Tax Relief Act of 2005 to those affected by Hurricanes
Rita and Wilma as well as Katrina. These two laws provide certain tax breaks to help victims of the storms. These laws alter the tax code to help
individuals and businesses who suffered losses as a result of the hurricanes.
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