Mayor Bowser Nominates Opportunity Zones in DC
Created in the Tax Cuts and Jobs Act of 2017, Opportunity Zones is a new federal program that provides tax incentives for investments in new businesses and commercial projects in low-income communities. On April 2018, Mayor Bowser nominated 25 census tracts to be Opportunity Zones. The U.S. Department of Treasury certified these tracts on May 18, 2018.
DC's Opportunity Zones
- View an interactive map of designated census tracts.
- Download a pdf map of designated census tracts.
- Download the excel spreadsheet of designated census tracts.
Click here to read about how the District designated Opportunity Zones.
Desired Outcomes of Opportunity Zone Investment in DC
- Deliver new amenities, such as community-serving retail and fresh food grocers
- Increase affordable and workforce housing
- Capitalize DC small businesses
- Create jobs for DC residents and pathways to the middle class
If you represent a Qualified Opportunity Fund seeking to invest in these areas, contact Sharon Carney at [email protected].
Complementary Tools Available to Support Projects in Delivering These Outcomes
- Supermarket Tax Credit
- Housing Production Trust Fund
- Neighborhood Prosperity Fund
- District Capitalized Microloan Program
- Great Streets Grants
- Qualified High Technology Company Incentives
- On the Job Training, Apprenticeship, and Workforce
- Renewable Energy and Efficiency Incentives
- Incentive Lookup Tool: To view all DC business incentives, visit incentives.dc.gov. Enter your address to see if you qualify for Opportunity Zones and other location-based incentives.
- Emerging Corridor + Opportunity Zones Brochure (Washington DC Economic Partnership)
- April 17, 2019: The U.S. Department of Treasury released the second round of proposed regulations for Opportunity Zones, along with a Request for Information about data collection and tracking. Proposed regulations are available here.
- The White House held a conference on Opportunity Zones for state, local and tribal economic development officials, at which various agencies shared that they have built in preference points for applications from designated Opportunity Zones for certain federal grants. See White House Opportunity & Revitalization Council's "Completed Program Targeting Actions" (April 18, 2019) for details.
- March 26, 2019: Mayor Bowser announced new efforts to maximize the benefits of Opportunity Zones investment to DC communities:
- The OZ Community Corps, which will enable community organizations and small businesses to tap into pro bono advice from lawyers and other experts.
- An online Opportunity Zone marketplace for project sponsors, fund managers, investors, and community members. Project sponsors can submit their project information at this link.
- A commitment of $24 million to projects that support affordable housing, workforce development, and the growth of small businesses in DC's Opportunity Zones.
Mayor Bowser made these announcements as part of the annual DMPED "March Madness" event that previewed new projects for the development community. More details on these initiatives will be released in the coming months.
- February 26, 2019: The DC Chamber of Commerce and the Office of the Deputy Mayor for Planning and Economic Development (DMPED) held an event with local businesses and OZ experts about how OZ could work for businesses.
- February 14, 2019: The Internal Revenue Service held a public hearing on the first round of proposed regulations. Final regulations have not yet been released.
- December 12, 2018: The White House established a 13-agency council that will streamline, coordinate, and target existing federal programs to economically distressed areas, including Opportunity Zones.
- October 19, 2018: The U.S.. Department of Treasury released proposed implementation regulations. Treasury has said it will release two more tranches of guidance in 2019.
If you are interested in receiving updates related to DC's Opportunity Zones, sign up here.
Questions? Contact us at (202) 727-6365.
Learn More about the Federal Opportunity Zones Incentive
Enterprise: Opportunity Zones
CDFI Fund: Opportunity Zone Resources
Economic Innovation Group: Opportunity Zones
Opportunity Zones: Maximizing Return on Public Investment (Urban Institute)
Proposed Guiding Principles for Opportunity Zones to Fuel and Inclusive Economy and Drive Social Impact (Beeck Center at Georgetown University)
Opportunity Zones Incubator (Kresge Foundation, Calvert Impact Capital)
IRS:OZ Frequently Asked Questions
IRS: Press Release on Proposed Regulations
Department of Treasury Press Release on Proposed Regulations
LISC: Opportunity Zones
Novogradac: Opportunity Zone Resource Center