Korah Opportunity Corp.
Together we can face any challenges as deep as the ocean and as high as the sky.
Utilizing the resources of owner capital, investors, contributors, and partners, our objective is to create a safe haven for the underserved and the unsheltered residing in distressed communities while providing the means for them to become truly independent.
The homeless problem in America has increased significantly in the wake of the pandemic in 2020. Veterans and ex-convicts remain at the top of the list of the underserved. We aim to stem the tide of homelessness among these groups by taking them off the street and placing them into suitable housing within opportunity zones as well as setting them up with suitable employment.
A survey in 2020 showed approximately 66,436 homeless people in the County of Los Angeles. Of that number, roughly 6% are veterans. In the City of Long Beach, CA, there are 17,927 military veterans currently residing.
* 304 of these Veterans are homeless, which is 2% of Long Beach's veterans population.
* 30% (approx. 90) of the homeless veterans in Long Beach were unsheltered, while 70% had some sort of shelter.
* 600 Vets are in permanent apartments, and another 200 are in transitional residences.
* 518 homeless veterans were moved into permanent housing in 2017-18, and 584 were housed in 2015-16.
Provide transitional & permanent housing and employment for:
Convicted non-violent offenders recently released and on parole
Residing within the Cities of Los Angeles and Long Beach.
What is an Opportuniy Zone?
In 2017, President Donald Trump signed the Tax Cuts and Jobs Act (TCJA) which resulted in the creation of the Opportunity Zones program in order to stimulate investment in economically distressed communities. However, not all Opportunity Zones fall within distressed communities.
In order to qualify, the Opportunity Fund must invest more than 90% of its assets in a Qualified Opportunity Zone Property/business located within an Opportunity Zone and the funds certified by the Treasure Department.
Tax Benefits for Investors
Investors can defer taxes on capital gains provided they invest in Opportunity Funds within six months of realizing the gain. All gains to be deferred must be submitted on or before Dec. 31, 2026 or if the investment in the fund is sold or exchanged before that time.
Investments that remain within Opportunity Funds receive the following benefits:
Held for a minimum of five years receive a 10% increase in tax basis of original gain.
Held for a minimum of seven years receive a 15% increase in the tax basis of the original gain.
Held for at least 10 years are exempt from any additional gains beyond that which was previously deferred.