Disclosure: Rose Law Group represents Virtua Partners
By Ruth Simon and Richard Rubin | The Wall Street Journal
A new Marriott hotel in the Phoenix area might seem a world apart from an affordable-housing complex in the Watts neighborhood of Los Angeles.
But both are poised to benefit from the new “opportunity zone” program created in last year’s federal tax overhaul, which gives tax breaks for investments in low-income neighborhoods.
Real-estate developers, wealthy investors, nonprofit groups and local officials are among those racing to put their mark on the program, which has few restrictions. The first ventures are likely to shape the direction the program takes and whether it has lasting political support.
