The Department of Housing and Urban Development is seeking public comment on how it can use “Opportunity Zones” to better benefit residents and communities. The federal Opportunity Zone Program, created by the Tax Cuts and Jobs Act of 2017, seeks to aid economic development in distressed areas by offering real estate investors significant tax breaks. More than 8,700 communities have been designated ripe for revitalization and fall within “Opportunity Zones.”
HUD is asking the public to share knowledge and provide recommendations for public and private investments within Opportunity Zones, as well as whether HUD should create an information portal. About $100 billion in private capital investment originally was expected to be poured into Opportunity Zones, but by many estimates, that has failed to materialize so far.