Opportunity zones represent federal community development programs that help encourage investments in low-income areas. These programs offer investors several tax benefits to reinvest the unrealized capital gains in the opportunity funds. Regarding opportunity zones new york, these include about 306 census tracts in five different boroughs. You can easily check these opportunity zones on the online CHPC interactive map.
On this map, you can easily see where the zones are about the political boundaries. The map also shows any public housing developments included in these zones. The opportunity zones new york are prevalently residential, while most housing stock within these zones is regulated for affordability. Approximately 3 out of each four lots in these zones are classified as being residential. Then, about 8 out of 10 fall into the category of residential zoning districts. Approximately 4 out of 10 housing units in these zones are rent-stabilized. You can also find many in public housing developments (some of them fall under the subsidy program umbrella, such as 421-a).
Opportunity zones represent powerful economic tools allowing people to invest in distressed areas. The program’s main purpose is to encourage economic growth in these areas and create more jobs in low-income communities. On the other hand, opportunity zones represent a huge advantage to investors because they will enjoy several tax incentives.
When you invest in a qualified opportunity fund, you can support such economic development and temporarily defer tax on eligible gains. Different low-income communities across the US and neighboring areas can qualify as opportunity zones (defined by population census tracts). The states nominated the communities for designation, and the US Department of the Treasury will certify that nomination.
You can easily find qualified opportunity zone locations by census tracts online. It is also important to consult relevant information available on the opportunity zone programs – such as guides to investing in qualified opportunity funds, different regulations, revenue procedures, the tax cuts and jobs act, frequently asked questions, and many other important resources.