“We really hope this will help prime the pump to create new investment and jobs for our residents.”
There are 12 zones in Guilford County, as well as four in Alamance, three in Randolph, Rockingham, Surry and Wilkes, two in Davidson and one in Alleghany, Ashe, Davie, Stokes, Watauga and Yadkin.
North Carolina’s list of Certified Opportunity Zones has at least one low-income census tract in each of the state’s 100 counties. Areas that affect the state’s major industrial site development areas and hurricane impact areas are included.
The program was created by Congress as part of the 2017 tax reform agreement as a new tax incentive designed to attract long-term capital to struggling communities.
The legislation creates tax relief for accredited investors who wish to reinvest unrealized capital gains, avoiding standard capital gains tax liabilities. The program allowed each state to designate up to 25% of its low-income census tracts as qualified opportunity areas.
Low-income census tracks are areas where the poverty rate is 20% or more and/or the family income is less than 80% of the area’s median income.
“Neighborhoods in and around some of the poorest regions of the United States continued to benefit from the boom in the national housing market in the fourth quarter of last year, just as they have done throughout 2021. “said Todd Teta, Chief Product Officer of Attom.