Tampa Bay Florida HUBZone Residential Real Estate Search
Here are four things you should know about the HUBZone program.
- What is the HUBZone program?
At its most basic, the HUBZone program is designed to provide economic assistance to economically-depressed geographic areas by awarding federal contracts to small businesses that operate and employ workers in those areas.
- Which geographic areas fall in a HUBZone?
The Department of Housing and Urban Development determines which areas qualify as HUBZones, with reference to the latest census data. The SBA then publishes interactive maps that show whether an address falls within a HUBZone.
- Who is eligible to participate as a HUBZone business?
There are four basic requirements a “typical” company must meet to participate in the HUBZone program:
- The company must be at least 51% unconditionally and directly owned and controlled by United States citizens;
- The company must be a small business under its primary NAICS code;
- The company’s principal office must be located in a HUBZone; and
- At least 35% of the concerns employees must live in a HUBZone.
These are just the basic criteria.
Current regulations require an employee to live in a qualified HUBZone for at least 180 days or be a currently registered voter in that area and be hired by the company before that employee will count towards the HUBZone/Non-HUBZone employee mix. Under the proposed change, after such period, the employee will always count as a HUBZone employee as long as they remain employed by the HUBZone certified company, even if that employees moves to a non-HUBZone area or their residence loses its HUBZone designation.
It’s also worth bearing in mind that these are the eligibility criteria for typical HUBZones—that is, those owned by individuals. There are separate eligibility criteria for companies owned by Indian tribes, Alaska Native Corporations, Native Hawaiian Organizations, and Community Development Corporations.