Real Estate
Home›Real Estate›Industry›Opportunity Zone map updates due Sept. 28 as OZ 2.0 ta…
Opportunity Zone map updates due Sept. 28 as OZ 2.0 takes effect
The next Opportunity Zone iteration will be locked in by the end of the year after governors submit nominated census tracts to the Treasury by Sept. 28.
Housing incentives tied to the Opportunity Zone program are moving toward their next round, with governors preparing nominations for which census tracts would qualify under the revised OZ 2.0 rules.
According to Bisnow, the Treasury Department will receive proposed maps by a Sept. 28 deadline so it can review nominations before the new iteration takes effect in January, and governors are expected to have their selection processes largely completed by mid July.
The OZ 2.0 program, passed into law last summer, reduces the number of Opportunity Zones from 8,764 to an estimated 6,544 and narrows the map of eligible tracts. Bisnow reports that states began soliciting public input before the nomination window opened July 1, and more than half had completed that step by July 16.
Bisnow also notes that states have used different rollout approaches, with some rural communities potentially disadvantaged if they lack staff to develop proposals. FBT Gibbons attorney Frances Kern Mennone said the designation process should be treated as an education effort to reach state staff and local communities about how Opportunity Zones work.