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

 


 

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