Opportunity Zones


Opportunity Zones were created as part of the 2017 federal tax reform package (Tax Cuts and Jobs Act). This adjustment to the tax code was designed to drive long-term capital into low-income communities by using tax incentives to encourage private investment. These impact funds are designed to help revitalize qualifying lower income census tracts that have not benefited equitably in the economic recovery. The City of Asheville worked closely with the N.C. Department of Commerce to receive 5 census tract designations certified by the Secretary of the U.S. Treasury via his delegation of authority to the Internal Revenue Service:

  • Census Tracts 2, 7, 9, 14 and 20

 

Opportunity Zone Map

 

This map also layers Qualified Census Tracts (QCTs) and Difficult Development Areas (DDAs), effective January 1, 2019, that assist with the Low Income Housing Tax Credit (LIHTC) program and are eligible for a 30 percent increase in its tax credit basis.

 


Resource Links

 

Enterprise Community Partners

Economic Innovation Group

PolicyLink

North Carolina Realtors Association

Enterprise Opportunity 360 – Reports on our OZs

 


News

 

On October 23, 2018, City Council passed a resolution to “work with Opportunity Fund Investors and take a proactive approach to offer guidance in Opportunity Zone investments that promote Equitable Growth, Development without Displacement and Healthy Communities of Opportunity for all residents in and around Opportunity Zones.”

 


Contact Information

 

Paul D’Angelo , Community Development Program Director

Community and Economic Development

828-251-4098

 


Updated 11/04/2019

 


 

Related Services

women cafe owners
Business Inclusion

The Business Inclusion Office for the City of Asheville actively seeks to identify minority and women-owned businesses for an opportunity to participate as providers of goods and services to the city.

code purple text
Cold weather emergency shelter

When extreme cold weather is expected, the Asheville Homeless Coalition issues a Code Purple Alert. Participating homeless shelters voluntarily add space beyond their normal capacity to keep as many people as possible out of the cold. To find out when Code Purple is in effect, visit the Homeless Coalition’s Code [...]

Opportunity Zones News

Code Purple illustration
City of Asheville shares resources for people experiencing homelessness during Code Purple

  With temperatures going down into the 20s this week, the Asheville-Buncombe Homeless Coalition has called a Code Purple for people who need shelter. Starting Dec. 1, shelter will be available at First Congregational UCC, 20 Oak St., for about 30 men and up to 20 women and children. This is in partnership with Western Carolina Rescue [...]

Asheville Santa
Haywood Streetscape Project complete in time for the holidays

  The City of Asheville is happy to announce the completion of the Haywood Streetscape and Infrastructure Improvement project, which features expanded public sidewalk space and improved pedestrian access and amenities. The project, which took 10 months of construction, included sewer and water line upgrades in the Haywood Street vicinity (including College Street, Walnut Street and Rankin [...]

Plan illustration
One week left for public comment on City of Asheville’s draft 5-Year Consolidated Plan 

    After more than a year of community engagement and study, the City of Asheville Department of Community and Economic Development is ready to release the Department of Housing and Urban Development (HUD) 5-Year Consolidated Plan. Still in final draft form, the Consolidated Plan is designed to help states and local jurisdictions assess their affordable housing [...]