Opportunity Zones

On September 12, Citi Community Capital published a whitepaper that outlines the potential application of the Opportunity Zone legislation to affordable housing and LIHTC projects.

The Internal Revenue Services submitted regulatory guidance for the Qualified Opportunity Zone Program to the Office of Information and Regulatory Affairs, a division of the White House Office Management of the Budget (OMB) on Wednesday September 12.  This proposed rule is expected to clarify several issues relating to the incentive.  The specifics of the proposed regulatory […]

The Council of Development Finance Agencies has issued a new report titled, “CDFA Opportunity Zones Report: State of the States.” Recognizing that Opportunity Zones have the potential to be a transformative economic development tool in distressed areas around the country, CDFA members are actively developing Opportunity Zones strategies to attract investment, identify additional development finance […]

NH&RA Director John Gahan and his colleagues on the colleagues on Sullivan & Worcester Opportunity Zone practice Group, in conjunction with CohnReznick, will be hosting an inter-active panel discussion on Opportunity Zones in Washington, DC on September 25.

Novogradac & Company has released two online mapping tools that track tax codes of individual states and how they conform to federal tax law concerning the opportunity zones incentive. One tool tracks state law concerning personal income and the other tracks state law concerning corporate income. Both resources also link to relevant state tax code […]

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.

Registration is complimentary but spaces are limited.

The IRS has updated the Opportunity Zones Frequently Asked Questions document to reflect that both 2017 and 2018 gains invested in Opportunity Zone Funds are eligible for deferral.

The document specifies that eligible taxpayers will self-certify to become a Qualified Opportunity Fund by filling out a form to attach to the taxpayer’s federal income tax return for the taxable year.

628 census tracts in 145 counties were selected.

The Bowser Administration shared feedback received from a web-based survey regarding where to locate Opportunity Zones, a new designation that provides tax incentives to encourage investment in low-income areas.

Opportunity Zones will provide a resource similar to the gap funding from the HOME program but “on steroids”, explains Carson.