Kushnerlinked firm targets richer areas in program for poor

Kushnerlinked firm targets richer areas in program for poor

first_imgWASHINGTON — A real estate investment firm founded by President Donald Trump’s son-in-law and White House adviser Jared Kushner is betting big on the administration’s Opportunity Zone tax breaks.But New York-based Cadre isn’t that interested in steering its investors to the poorest, most-downtrodden areas that the program seeks to revitalize.Cadre tells investors in marketing materials that it doesn’t plan to look for development deals in most of the Opportunity Zones because of their “unfavourable growth prospects.”Cadre says it’ll target a “small subset” of zones where both populations and incomes are on the rise.Kushner holds at least a $25 million, nonmanagement stake in Cadre.It’s a high-profile example of how early investor interest in the program appears focused on wealthier zones that already have attracted plenty of investment.Jeff Horwitz And Stephen Braun, The Associated Presslast_img

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