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Opportunity Zones

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Description

Opportunity zones were created in 2017 through the Tax Cuts and Jobs Act.1 They are designated economically distressed zones where investment and economic revitalization is encouraged with federal tax incentives for investors.2 While the IRS and Treasury Department are still working to determine all of the exact details and guidelines for these tax cuts, investors can access tax incentives by creating opportunity funds that invest in real estate or business operations in these designated zones.3 4 Programs such as these can be used to fund lead abatement by encouraging investors to rehabilitate substandard housing in these low-income areas, and specifically including standards around lead-safe repair and lead remediation for developers into requirements for Opportunity Zone development participation.5 In Baltimore, Governor Larry Hogan has pedged over $20 million in additional incentives for the development or renovation of affordable housing in local Opportunity Zones. To see which areas have been designated as Opportunity Zones in your community, visit this page to view a map and list of registered Opportunity Zones. For a directory of currently active Opportunity Zone Funds and details about what types of projects they invest in, click here.

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