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

Days inn
Asheville City Council votes to allocate $2 million toward Homeward Bound’s purchase of Days Inn for permanent supportive housing 

  In a continuing effort to partner with local agencies to mitigate the impacts of homelessness in our community the City of Asheville will help fund Homeward Bound’s acquisition of the Days Inn on Tunnel Road for permanent supportive housing for our homeless population.   At their July 27 meeting, Asheville City Council approved a [...]

affordable housing photo illustration
Asheville City Council clears way for donation of 2 City-owned lots for affordable housing

  Two single-family lots will be donated to the Asheville Buncombe Community Land Trust so that the organization can build deeply affordable housing on them. The single family homes to be built on each lot will be permanently affordable to families at 60% and below the Area Median Income, at a target sales [...]

shelter illustration
An update on how the City of Asheville is addressing homelessness

    Homelessness in Asheville has long been a serious and complex issue. The COVID-19 pandemic has both highlighted and heightened this reality. While the homeless service system we’ve had in Asheville has ended homelessness for a small number of people annually, it’s never had the resources to operate at a scale that will make homelessness truly [...]