Opportunity Zones have been all the buzz in the development community since they were created in the 2017 Tax Bill. HCDC, Inc. has been diligently following the updates and drafting an Opportunity Zones portfolio, marketing Hamilton County’s Opportunity Zone investment opportunities and highlighting the region’s unique strengths.
Opportunity Zones are designated geographic areas where new investments, under certain conditions, may receive preferential tax treatment. Through this program, individuals and corporations can invest unrealized capital gains into Opportunity Funds, which then serve as the investment vehicle into Opportunity Zones. Eligible investments include business property, real estate, newly issued stock and partnership interests. The benefits of investing in Opportunity Zones can include deferred tax payment on the original capital gains invested in the Fund and permanent exclusion of capital gains earned from the Opportunity Fund investment based on how long the investment is held.
The Treasury Department recently released new guidelines and clarification for structuring Opportunity Funds, and investment groups are expected to begin forming. Hamilton County is prepared to receive them. Hamilton County has 30 designated Opportunity Zones that cover parts of the City of Cincinnati, City of Forest Park, Springfield Township, Lincoln Heights, Village of Lockland, Arlington Heights, Columbia Township, and City of Norwood. Below is a map of Opportunity Zone boundaries:
“With a robust start-up community, the newly launched Office of Innovation and Creativity focusing on second stage companies, low real estate vacancy rates, and strong economic performance, Hamilton County is really well positioned to catch the eye of Opportunity Fund investors” says Peg Moertl, President & CEO of HCDC, Inc. In addition, the region has received increased national attention as a top place to do business, a top location for startups, and a top location for young talent.
HCDC has been actively coordinating with Opportunity Zone communities to identify projects that can be included in the marketing portfolio, and has also been reaching out to potential Opportunity Fund agencies.
To get the ball rolling, HCDC will be hosting a workshop on Tuesday, January 15 from 8:30am-10:00am for regional stakeholders, real estate developers, accountants, lawyers, investors, and Opportunity Zone communities. Interested in learning the details on Opportunity Zones? Have a project? Interested in investing? Register here for the January workshop: https://conta.cc/2zjLziZ
Contact Katherine Brun, Economic Development Specialist, with any questions: email@example.com or 513-631-8292.