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.

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.”


Resource Links

Enterprise Community Partners

Economic Innovation Group

PolicyLink

North Carolina Realtors Association

Enterprise Opportunity 360 – Reports on our OZs

 


Contact Information

 

Paul D’Angelo , Community Development Program Director

Community and Economic Development

828-251-4098

 


Updated 4/21/2021

 


 

Related Services

Minority business photo illustration
MWSBE Certification

Find information to register for certification as a Minority, Woman, and/or Small Business Enterprise (MWSBE) with the City of Asheville.

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
Find 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

tent
City of Asheville provides temporary housing to people on Duke property encampment

    Working with community partners, the City of Asheville today provided 15 rooms for unsheltered people relocated from Duke Energy property near Isaac Dickson Elementary School. Those partners include Sunrise Community for Recovery and Wellness, Homeward Bound and BeLoved, who did outreach to people in this encampment, helped them pack their belongings and transported them to [...]

Business inlusion photo illustration
City of Asheville hosts business training

This April, the City of Asheville Business Inclusion Office will conduct three free training sessions to help local businesses learn how to work on local government contracts. These training sessions will be facilitated by the A-B Tech Small Business Center and take place from April 13-15.    Training 1: Is Doing Business with Government Right for My [...]

affordable housing photo illustration
Asheville Community and Economic Development to host neighborhood meetings in the spring

  In March, City of Asheville staff will once again engage neighborhoods in the development of three small neighborhood lots on West Chestnut Street, Lufty Avenue, and Kentucky Drive for affordable housing.     Several weeks ago, finalists were named for the Neighborhood Lots for Affordable Housing Request for Proposals (RFP) process to develop the lots. The finalists are [...]