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City staff says federal Opportunity Zones 2 rules create timing uncertainty as municipalities prepare nominations
Summary
Redevelopment staff briefed the committee on Opportunity Zones 2, including program basics, nomination deadlines, and the city's strategy to overlay redevelopment areas with eligible census tracts; staff said it is waiting on American Community Survey data and federal guidance before finalizing nominations.
Tracy Reich briefed the committee on Opportunity Zones 2 (the federal program update) as an economic-development tool that offers tax deferral benefits to investors who place capital gains into Opportunity Zone funds. Reich said the original Opportunity Zone rules (first round) were set to sunset and investments were eligible through 2028, and that the new federal changes make the program permanent while changing eligibility…
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