The U.S. Department of the Treasury and the Internal Revenue Service (IRS) recently announced the final round of Opportunity Zone designations for four additional states. The program has now designated areas in all 50 states, the District of Columbia and five U.S. possessions. The completion of designations comes shortly after the IRS’ updated FAQ informing taxpayers that 2017 and 2018 gains invested in Opportunity Zones are eligible for deferral. The final round of submissions were approved for: Florida; Nevada; Pennsylvania; and Utah. All Opportunity Zones can now be viewed on the CDFI Fund website.
Nearly 35 million Americans live in the communities designated as Opportunity Zones. Based on data from the 2011-2015 American Community Survey, the designated census tracts had an average poverty rate of over 32 percent, compared with a rate of 17 percent for the average U.S. census tract.
NH&RA’s Summer Institute will convene two panels devoted to Opportunity Zones on July 20th, providing an overall introduction to the program as well as an in-depth look at structuring approaches as well as development and capital raising strategies leveraging Qualified Opportunity Zones.
