10 Things Economic Developers Must Know About Opportunity Zones
Tuesday, April 20, 2021
Ten things economic developers must know about Opportunity Zones include what an Opportunity Zone is, how many there are, your role in attracting investors to your community, and more. Let's walk through them.
10 THINGS ECONOMIC DEVELOPERS MUST KNOW ABOUT OPPORTUNITY ZONES
1. What exactly is an opportunity zone?
According to the U.S. Economic Development Agency, "an Opportunity Zone is an economically-distressed community where private investments, under certain conditions, may be eligible for capital gain tax incentives."
Residents who live in areas designated as Opportunity Zones tend to suffer from unequal economic growth and access to capital. Opportunity Zones are designed to spur economic development by giving investors tax benefits.
2. There are more than 8,700 Opportunity Zones investors can choose from
With Opportunity Zones in all 50 states, Washington D.C., and five U.S. territories, there are a lot of opportunities for investors to choose from. You need to stick out.