Opportunity Funds Meeting June 6, 2018
Opportunity Zone Incentives Assumptions: Long-term federal capital gains tax rate: 23.8% No state income tax 7% annual appreciation for both O Fund and alternative investment Source: Economic Innovation Group 2
3 Designated Opportunity Zones
Designated Opportunity Zones vs. Eligible/Not Selected Tracts Not Metric Selected Selected Difference Unemployment 22.2% 17.4% 4.8% Rate Poverty Rate 32.2% 26.0% 6.2% Commercial 20.2% 15.0% 5.2% Density 4
District Goals for Opportunity Zones Bring new amenities, such as retail and fresh food grocers, to communities that need them most Create jobs for residents of Opportunity Zones Align OZ investment with projects that address public priorities Maximize benefit to and prevent displacement of existing residents 5
Maximize Community Benefits District Real Estate Developments First Source, CBE contracting, and community benefits agreements Small Area Plans Identified community priorities District incentives & programs Supermarket Tax Credit, Neighborhood Prosperity Fund, Great Streets, Housing Production Trust Fund, Preservation Loan Fund, PACE, On the Job Training Funds, QHTC 6
Incentives Lookup: incentives.dc.gov 7
Resources Incentives.dc.gov To find complementary incentives Oppzones.dc.gov Oppzones.dc.gov For DC-specific OZ information and updates 8
Next Steps / Q&A How can the Opportunity Zone financing be applied in DC? What are your plans for creating or leveraging Opportunity Funds? What are the most important OZ questions to be answered? How can District Government help? 9
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