September 1, 2020: The D.C. ACT 23-407 Section 2021, District taxpayers can realize Opportunity Zones tax benefits at the District level for qualifying investments made by QOFs approved by the Mayor.
December 19, 2019: The U.S. Treasury Department and the Internal Revenue Service issued final regulations implementing the Opportunity Zones incentive. These regulations will be effective after March 13, 2020, but taxpayers may choose to apply either proposed regulations or final regulations for taxable years that begin on or before March 13, 2020.You can find the final regulations and Treasury’s FAQ here.
September 6, 2019: Mayor Bowser hosted the Rockefeller Foundation to announce a new partnership to help guide responsible and equitable investments in Washington, DC's Opportunity Zones.
This new partnership will enable us to provide some new resources for stakeholders in Opportunity Zones:
• Technical assistance to support local projects seeking Opportunity Zone financing
• Grant program that will support community-driven projects in Opportunity Zones
• Two community engagement specialists to support outreach
The Rockefeller Foundation awarded a grant to Local Initiatives Support Corporation (LISC), a non-profit organization that will partner with BCT Partners, a leading consulting services firm that works with organizations to improve organizational effectiveness and support strategies for change with a focus on equity, to provide technical assistance. LISC will also work with the District to launch a grant program that supports community-driven projects in OZs.
As part of the partnership, two community engagement specialists have joined the District's Opportunity Zones team. They will facilitate community involvement in OZ investments and raise awareness about resources available to existing stakeholders in OZs. The community engagement specialists will work alongside the District's chief opportunity zones point of contact. Community groups, investors or others with questions about Opportunity Zones in DC can reach out to David Selman at [email protected].
More details about technical assistance and grants will be shared with this list soon and available at OZmarketplace.dc.gov.
August 2, 2019: The White House Opportunity and Revitalization Council, which is spearheading the Administration’s engagement on opportunity zones, has identified Federal programs – including grants – where targeting, preference, or additional support could be granted to Opportunity Zones. Click here to download the list.
In addition, the Security and Exchange Commission in July issued a statement explaining the potential application of state and federal securities laws to fundraising for Opportunity Zones. Separately and guidance regarding the ability of Main Street investors to participate in these offerings. Click here to read the statement and guidance.
July 1, 2019: The District of Columbia's Opportunity Zone Marketplace is now live. The Marketplace is a platform where project sponsors, fund managers, investors, community members, and professional service providers can connect. It includes listings of investment opportunities and OZ Community Corps service providers. View the OZ Marketplace here.
The OZ Community Corps is a network of DC-based professional service providers, such as lawyers, accountants and financial advisers, who will provide pro bono consultations about OZ transactions to residents, small businesses and nonprofits based in DC Opportunity Zones. Professional service providers: sign up to volunteer here.
June 5, 2019: DMPED released a Request for Information (RFI) addressing ways to support small commercial space users – including local retailers, light manufacturers, startups, nonprofits, as well as arts and cultural organizations – in securing affordable commercial space, with a focus on users located in DC’s 25 Opportunity Zones. In addition, the RFI invites input on ways to leverage the Opportunity Zones tax incentive and align District, federal and philanthropic resources to support this objective. Responses are due by July 17, 2019. Read the RFI here.
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.