Wednesday, September 22, 2021 7:56 pm

The obscure reason banks will finally embrace Opportunity Zones

Looming changes to 1970s-era law could open the lending floodgates

By Keith Larsen | The Real Deal

Banks may soon have the incentive they need to sink huge amounts of money into Opportunity Zones, the controversial Trump administration tax abatement program that has seen tepid investment levels to date.

The federal government plans to give commercial banks credit for issuing loans in low-income communities as part of a larger reform to a 1970s-era law called the Community Reinvestment Act. This is the first direct regulatory incentive for banks to lend in Opportunity Zones and could be a game-changer for the program, according to some experts.

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