The recently unveiled bipartisan “Invest in America Act” would attract as much as $125 billion in global investment in aging buildings and crumbling infrastructure in the U.S., according to supporters of the federal legislation.
The bill is supported by The American Institute of Architects (AIA) and The Real Estate Roundtable (RER). It could create as many as 284,000 American jobs, sponsors say.
The legislation would repeal the “Foreign Investment in Real Property Tax Act” (FIRPTA). First enacted in 1980, FIRPTA is a tax that “deflects global capital from U.S. cities and towns by imposing a capital gains tax on global investors that finance any U.S. real property,” according to an AIA news release.
The law “greatly inhibits state and local leaders from partnering with global investors—in addition to leveraging domestic partners—to improve their communities, including renovating aging buildings; constructing roads, bridges, tunnels, hospitals and airports; developing affordable housing; and utilizing new Opportunity Zones,” the release says.
Related Stories
Multifamily Housing | May 30, 2023
Boston’s new stretch code requires new multifamily structures to meet Passive House building requirements
Phius certifications are expected to become more common as states and cities boost green building standards. The City of Boston recently adopted Massachusetts’s so-called opt-in building code, a set of sustainability standards that goes beyond the standard state code.
Architects | May 30, 2023
LRK opens office in Orlando to grow its presence in Florida
LRK, a nationally recognized architectural, planning, and interior design firm, has opened its new office in downtown Orlando, Fla.
Urban Planning | May 25, 2023
4 considerations for increasing biodiversity in construction projects
As climate change is linked with biodiversity depletion, fostering biodiverse landscapes during construction can create benefits beyond the immediate surroundings of the project.
K-12 Schools | May 25, 2023
From net zero to net positive in K-12 schools
Perkins Eastman’s pursuit of healthy, net positive schools goes beyond environmental health; it targets all who work, teach, and learn inside them.
Contractors | May 24, 2023
The average U.S. contractor has 8.9 months worth of construction work in the pipeline, as of April 2023
Contractor backlogs climbed slightly in April, from a seven-month low the previous month, according to Associated Builders and Contractors.
Mass Timber | May 23, 2023
Luxury farm resort uses CLT framing and geothermal system to boost sustainability
Construction was recently completed on a 325-acre luxury farm resort in Franklin, Tenn., that is dedicated to agricultural innovation and sustainable, productive land use. With sustainability a key goal, The Inn and Spa at Southall was built with cross-laminated and heavy timber, and a geothermal variant refrigerant flow (VRF) heating and cooling system.
Architects | May 23, 2023
DEI initiatives at KAI Enterprises, with Michael Kennedy, Jr. and Gyasi Haynes
Michael Kennedy, Jr. and Gyasi Haynes of KAI Enterprises, St. Louis, describe their firm's effort to create a culture of diversity, equity, and inclusion—and how their own experiences as black men in the design and construction industry shaped that initiative.
Multifamily Housing | May 23, 2023
One out of three office buildings in largest U.S. cities are suitable for residential conversion
Roughly one in three office buildings in the largest U.S. cities are well suited to be converted to multifamily residential properties, according to a study by global real estate firm Avison Young. Some 6,206 buildings across 10 U.S. cities present viable opportunities for conversion to residential use.
Architects | May 23, 2023
Ware Malcomb hires Francisco Perez-Azua as Director, Interior Architecture & Design, in its Miami office
Ware Malcomb hires Francisco Perez-Azua as Director, Interior Architecture & Design, in its Miami office.
K-12 Schools | May 22, 2023
The revival of single-building K-12 schools
Schools that combine grades PK through 12 are suddenly not so uncommon. Education sector experts explain why.