Opportunity Zones (OZs) are a new community investment tool designed to encourage long-term investments in low-income urban and rural communities nationwide. OZs were established by Congress in the Tax Cuts and Jobs Act of 2017 and provide a tax incentive for investors to re-invest capital gains into dedicated Opportunity Funds.
Opportunity Funds can finance commercial and industrial real estate, housing, infrastructure, and existing or start-up businesses. For a real estate project to qualify for Opportunity Fund financing, the investment must result in the property being “substantially improved.”
Opportunity Zones are an economic development tool that incentivizes investment in distressed communities. The program was designed to offer additional incentives to private investors to encourage support for underserved communities and help spur economic development in the rural and urban communities that need it most. If successful, Opportunity Zones may be able to increase affordable housing, prevent gentrification, promote job growth and support workforce development.
There are 879 Opportunity Zones in California alone which represents more than 10% of all Opportunity Zones nationwide. 57 counties across California are eligible for Opportunity Zone support (all but Mono).
This section includes insightful presentations, tools and media related to Opportunity Zones in California. Also included are relevant publications and materials from national organizations and subject matter experts.