Opportunity Zones first major investment deadline is December 31st of this year meaning there are only a few months left to educate ourselves in order to put more affordable housing in place.
An Opportunity Zone (OZ) is a low-income census tract that has been identified by the federal government through a qualifying process with state governments. The point is to encourage long-term investment in these areas by providing tax incentives for investors to re-invest their capital gains by decreasing, deferring, or even excluding them from future capital gains taxes.
There is a lot to untangle, which is why we as housing advocates must educate ourselves on the potential opportunities and best practices. OZs could be an effective way to build new affordable housing in communities that need it most — if we pay attention and speak up.
We hope city leaders and OZ investors can work together to prioritize affordable housing and community benefits through Opportunity Zones. You can find a list of resources and toolkits on OZs here. Next week, Cheryl Denney with McAfee & Taft will be a speaker at the 2019 Commercial Real Estate Summit and provide an update on OZ investments. To learn more or register: https://2019cresummit.eventbrite.com