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Opportunity Zones Resource Center

Read more about this Tool

Overview


Created as part of the Tax Cuts and Jobs Act, Opportunity Zones are a federal economic development tool aiming to improve the outcomes of distressed communities around the country. Opportunity Zones are low-income census tracts that offer tax incentives to groups who invest and hold their capital gains in Zone assets or property. By investing in Opportunity Zones, investors stand to gain a temporary deferral on their capital gains taxes if they hold their investments for at least 5 years, and a permanent exclusion from a tax on capital gains from the Opportunity Zones investments if the investments are held for 10 years.


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-Understanding Opportunity Zones

Opportunity Zones, created as a result of the passage of the Tax Cuts and Jobs Act, are low-income census tracts eligible to use tax incentives to encourage long-term investments in Zone assets and property. Opportunity Zones are designated as such by the governor or chief executive of a given state, district, or territory. All 50 states, the District of Columbia, and U.S. territories are eligible to designate Opportunity Zones.

Read more about Opportunity Zones

Five Strategies for Engaging Opportunity Zone Investors
This quick guide, authored by CDFA and Skeo, outlines five key strategies for engaging Opportunity Zones investors including resources and tips that can help communities attract investment to their revitalization efforts.
Leveraging Development Finance Tools to Attract Opportunity Zone Investment
This guide, authored by CDFA and Skeo, provides an overview of various development finance tools and suggestions for how communities could use these tools to finance projects in Opportunity Zones. Each section includes additional resources to learn more, along with case studies to illustrate how development finance tools have been used to support revitalization goals in several Opportunity Zones.
Tax Incentives for Opportunity Zones - Congressional Research Service
This Congressional Research Service report discusses (1) which census tracts have been designated as an OZ, (2) what types of entities are eligible as QOFs, (3) the tax benefits of investments in QOFs, (4) a summary of IRS/Treasury regulations implementing OZs, (5) what economic effects can be expected from OZ tax incentives, and (6) what policy issues Congress has raised with respect to OZs.
The Impact of Opportunity Zones: An Initial AssessmentMembers only Login
This report from the White House' Council of Economic Advisers compares the advantages of OZs with those of other Federal antipoverty programs and documents the characteristics of the nearly 8,800 low-income communities designated as OZs. It also quantifies the effect of OZs investment and finds that a large increase is already benefiting OZ residents while potentially having only a small effect on the Federal budget.
Opportunity Zones Best Practices Report to the President from The White House Opportunity and Revitalization Council Members only Login
This is the third report issued by the White House Opportunity and Revitalization Council as required under Executive Order 13853, and outlines best practices that could be integrated into public and private investments in urban and economically distressed communities, including Opportunity Zones, in order to increase economic growth, encourage new business formation, and revitalize communities.

-Resources

View all Opportunity Zones Resources

-Official Treasury Designations

-Rules and Regulations

The U.S. Department of the Treasury has completed the process of codifying the regulatory framework for the Opportunity Zones incentive. This section is dedicated to analysis of the final Opportunity Zones regulations.

View the Final Regulations

Tax Incentives for Opportunity Zones - Congressional Research Service
This Congressional Research Service report discusses (1) which census tracts have been designated as an OZ, (2) what types of entities are eligible as QOFs, (3) the tax benefits of investments in QOFs, (4) a summary of IRS/Treasury regulations implementing OZs, (5) what economic effects can be expected from OZ tax incentives, and (6) what policy issues Congress has raised with respect to OZs.
Opportunity Zone Rule Changes Due to COVID-19 - Frost Brown Todd
In response to the ongoing COVID-19 pandemic, the IRS recently issued IRS Notice 2020-39, which provides certain relief related to the calculation of time-sensitive deadlines under the federal Opportunity Zone program outlined in Internal Revenue Code Section 1400Z-2 and the underlying Treasury Regulations. This post from Frost Brown Todd analyzes these regulatory changes.
Qualified Opportunity Zones: What Investors Should Know - Wells Fargo
This analysis from Wells Fargo discusses what investors need to know about Qualified Opportunity Zones. Wells Fargo Bank will also be publishing companion article(s) which will provide a more in-depth analysis of the operation of Qualified Opportunity Zone funds and how taxpayers may navigate this new topic.
The Substance and Significance of the Final Regulations on Opportunity Zones - EIG
EIG hosted a webinar with guest experts to discuss the final regulations on Opportunity Zones, released by Treasury and the IRS on December 19, 2019. Lisa Zarlenga of Steptoe & Johnson LLP and Michael Novogradac of Novogradac & Company LLP provided a detailed overview of key provisions, discussed how the newly-minted rules may influence investment activity, and highlighted topics that were not addressed as part of the final regulatory framework.
Treasury Releases Final Opportunity Zone Regulations - CohnReznick Analysis
This analysis of the final Opportunity Zones Regulations from CohnReznick highlights what they consider to be the most important elements of this comprehensive package.

-Opportunity Funds Resources

Five Strategies for Engaging Opportunity Zone Investors
This quick guide, authored by CDFA and Skeo, outlines five key strategies for engaging Opportunity Zones investors including resources and tips that can help communities attract investment to their revitalization efforts.
Leveraging Development Finance Tools to Attract Opportunity Zone Investment
This guide, authored by CDFA and Skeo, provides an overview of various development finance tools and suggestions for how communities could use these tools to finance projects in Opportunity Zones. Each section includes additional resources to learn more, along with case studies to illustrate how development finance tools have been used to support revitalization goals in several Opportunity Zones.
The Impact of Opportunity Zones: An Initial AssessmentMembers only Login
This report from the White House' Council of Economic Advisers compares the advantages of OZs with those of other Federal antipoverty programs and documents the characteristics of the nearly 8,800 low-income communities designated as OZs. It also quantifies the effect of OZs investment and finds that a large increase is already benefiting OZ residents while potentially having only a small effect on the Federal budget.
Opportunity Zones Best Practices Report to the President from The White House Opportunity and Revitalization Council Members only Login
This is the third report issued by the White House Opportunity and Revitalization Council as required under Executive Order 13853, and outlines best practices that could be integrated into public and private investments in urban and economically distressed communities, including Opportunity Zones, in order to increase economic growth, encourage new business formation, and revitalize communities.
Qualified Opportunity Zones: What Investors Should Know - Wells Fargo
This analysis from Wells Fargo discusses what investors need to know about Qualified Opportunity Zones. Wells Fargo Bank will also be publishing companion article(s) which will provide a more in-depth analysis of the operation of Qualified Opportunity Zone funds and how taxpayers may navigate this new topic.
View more Oppportunity Funds Resources

-Opportunity Zones Resources

MLK Gateway I: Opportunity Zone Investment Profile
This investment profile from the Economic Innovation Group showcases the MLK Gateway in Washington, DC. Located in the Anacostia neighborhood, MLK Gateway will bring new life to a historic Main Street corridor through a center of commerce, culture, and technology; foster community prosperity; and provide a vibrant mix of neighborhood-serving retail. Financing on the project includes OZ equity, NMTC equity, grants, credit enhancement, pre-development loans, and construction loans.
Agile Space Industries: Opportunity Zone Investment Profile
This investment profile from the Economic Innovation Group showcases Agile Space Industries located in Durango, CO. Agile designs, manufactures, and tests integrated aerospace propulsion systems, and has the only independent propulsion test facility in the United States. Opportunity Zones equity of approximately $950,000 has been invested in the company to date.
698 Prospect Phase I: Opportunity Zone Investment Profile
This investment profile from the Economic Innovation Group showcases 698 Prospect, a multi-phase development in North Carolina that includes student housing, commercial, and retail space. Impact investor Woodforest CEI-Boulos Opportunity Fund was joined by community lender Self-Help Credit Union to capitalize Phase I of 698 Prospect.
Large-Scale Solar Development: A Playbook for Southwest VirginiaMembers only Login
To ensure that Virginia's coal country doesn't miss out on opportunities in large-scale solar, the Solar Foundation and the Solar Workgroup of Southwest Virginia have developed a step-by-step guide for how municipalities and counties can encourage utility-scale or commercial solar projects. The playbook includes guidance on engaging stakeholders, identifying and resolving barriers, reviewing development proposals, and adopting local planning and zoning regulations to facilitate solar energy in legacy coal country. The publication also discussing financing options for using PACE, Opportunity Zones, and other programs to support solar projects.
Leveraging Development Finance Tools to Attract Opportunity Zone Investment
This guide, authored by CDFA and Skeo, provides an overview of various development finance tools and suggestions for how communities could use these tools to finance projects in Opportunity Zones. Each section includes additional resources to learn more, along with case studies to illustrate how development finance tools have been used to support revitalization goals in several Opportunity Zones.
View more Oppportunity Zones Resources

-Case Studies

MLK Gateway I: Opportunity Zone Investment Profile
This investment profile from the Economic Innovation Group showcases the MLK Gateway in Washington, DC. Located in the Anacostia neighborhood, MLK Gateway will bring new life to a historic Main Street corridor through a center of commerce, culture, and technology; foster community prosperity; and provide a vibrant mix of neighborhood-serving retail. Financing on the project includes OZ equity, NMTC equity, grants, credit enhancement, pre-development loans, and construction loans.
Agile Space Industries: Opportunity Zone Investment Profile
This investment profile from the Economic Innovation Group showcases Agile Space Industries located in Durango, CO. Agile designs, manufactures, and tests integrated aerospace propulsion systems, and has the only independent propulsion test facility in the United States. Opportunity Zones equity of approximately $950,000 has been invested in the company to date.
698 Prospect Phase I: Opportunity Zone Investment Profile
This investment profile from the Economic Innovation Group showcases 698 Prospect, a multi-phase development in North Carolina that includes student housing, commercial, and retail space. Impact investor Woodforest CEI-Boulos Opportunity Fund was joined by community lender Self-Help Credit Union to capitalize Phase I of 698 Prospect.
Five Strategies for Engaging Opportunity Zone Investors
This quick guide, authored by CDFA and Skeo, outlines five key strategies for engaging Opportunity Zones investors including resources and tips that can help communities attract investment to their revitalization efforts.
Leveraging Development Finance Tools to Attract Opportunity Zone Investment
This guide, authored by CDFA and Skeo, provides an overview of various development finance tools and suggestions for how communities could use these tools to finance projects in Opportunity Zones. Each section includes additional resources to learn more, along with case studies to illustrate how development finance tools have been used to support revitalization goals in several Opportunity Zones.
View more Case Studies

-Mapping Tools

Interactive Mapping Tools for Opportunity Zones

Interactive online maps can be used to find Opportunity Zone census tracts across the U.S. Below are links to several mapping tools:

CIMS - Department of the Treasury CDFI Fund
Opportunity Zones and NMTC Interactive Map - CohnReznick
Opportunity Zones Explorer by Opportunity360 - Enterprise Community Partners

-Headlines

-Publications

Five Strategies for Engaging Opportunity Zone Investors
This quick guide, authored by CDFA and Skeo, outlines five key strategies for engaging Opportunity Zones investors including resources and tips that can help communities attract investment to their revitalization efforts.
Leveraging Development Finance Tools to Attract Opportunity Zone Investment
This guide, authored by CDFA and Skeo, provides an overview of various development finance tools and suggestions for how communities could use these tools to finance projects in Opportunity Zones. Each section includes additional resources to learn more, along with case studies to illustrate how development finance tools have been used to support revitalization goals in several Opportunity Zones.
Navigating the Opportunity Zones: A Playbook for Community Development
CDFA and LISC collaborated on this report, which is designed to offer community organizations an overview of the possible trajectories and best practices to consider when designing community-based Opportunity Zones strategies.
View more Publications

-Training Courses

Fundamentals of Economic Development Finance WebCourse
January 27-28, 2021
Daily: 12:00 - 5:00 PM Eastern
The Fundamentals WebCourse is the foundation for all of CDFA’s educational offerings. This course helps attendees understand the variety of development finance tools available, from bonds, tax credits and TIF, to federal financing programs, RLFs, and access to capital lending resources.
Register
Intro Opportunity Zones Finance WebCourse
April 28-29, 2021
12:00 - 5:00 PM Eastern
The Intro Opportunity Zones Finance WebCourse will bring together program designers, fund managers, communities, investors, and policy experts to educate and review the most up-to-date thinking and strategies on how to maximize Opportunity Zone designations and how best to attract zone investments. This interactive webcourse will help communities bring all economic development stakeholders to the table, and have a firm understanding of how the development finance toolbox can both encourage and supplement Opportunity Fund investments.
Register
View All Courses

-Upcoming Events

Intro Opportunity Zones Finance WebCourse
April 28-29, 2021
12:00 - 5:00 PM Eastern
The Intro Opportunity Zones Finance WebCourse will bring together program designers, fund managers, communities, investors, and policy experts to educate and review the most up-to-date thinking and strategies on how to maximize Opportunity Zone designations and how best to attract zone investments. This interactive webcourse will help communities bring all economic development stakeholders to the table, and have a firm understanding of how the development finance toolbox can both encourage and supplement Opportunity Fund investments.
Register
CDFA Federal Financing Webinar Series: Federal Programs for Affordable Housing Investment
Tuesday, May 11, 2021
2:00 PM Eastern
During this installment of the CDFA Federal Financing Webinar Series, experts will cover how development finance agencies can leverage financing from the federal government to support housing projects in their communities.
Register
CDFA // BNY Mellon Development Finance Webcast Series: Unlocking Capital for BIPOC-owned Businesses
Tuesday, August 17, 2021
2:00 PM Eastern
During this installment of the CDFA // BNY Mellon Development Finance Webcast Series, we will be discussing creative financing approaches to minimize barriers and increase access to capital for minority-owned businesses across the country.
Register
CDFA Federal Financing Webinar Series: Investing in Critical Community Facilities
Tuesday, August 24, 2021
2:00 PM Eastern
During this installment of the CDFA Federal Financing Webinar Series, several federal agencies will discuss their financing solutions for local community facilities and how to coordinate with partners.
Register
CDFA Federal Financing Webinar Series: Preserving Local Food Systems with Federal Financing
Tuesday, December 14, 2021
2:00 PM Eastern
During this installment of the CDFA Federal Financing Webinar Series, hear from experts at the USDA about their various programs available for rural food systems and agricultural producers to recover from the pandemic.
Register
View more Upcoming Events

-Webcasts

COVID-19 Weekly Briefing - Strategies for Catalyzing Investment in Communities
During the April 10, 2020 Weekly COVID-19 Development Finance Briefing, Bruce Katz from Drexel University, Rachel Reilly from the Economic Innovation Group, and Katie Kramer from CDFA examined relief efforts run by local governments, philanthropic organizations, chambers, and other local entities to support main street.
The Substance and Significance of the Final Regulations on Opportunity Zones - EIG
EIG hosted a webinar with guest experts to discuss the final regulations on Opportunity Zones, released by Treasury and the IRS on December 19, 2019. Lisa Zarlenga of Steptoe & Johnson LLP and Michael Novogradac of Novogradac & Company LLP provided a detailed overview of key provisions, discussed how the newly-minted rules may influence investment activity, and highlighted topics that were not addressed as part of the final regulatory framework.
Brownfields Redevelopment Financing Webinar Series: New Community Financing Strategies for Brownfields: Opportunity Zones
Webcast panelists explored how communities are preparing themselves for Opportunity Zone investments and with the release of new proposed regulations, how this emerging industry is beginning to mold its first deals. Speakers also examined how communities across the U.S. are integrating these new strategies with current and future redevelopment plans, with a specific focus on brownfields sites.
CDFA Texas Webinar: The Latest on Opportunity Zones
During this webinar, attendees will delve into the basics of Opportunity Zones and Opportunity Funds, how to identify qualified projects and businesses, and the ways to build a local investment strategy.
View More Webcasts

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