What's Hot: The 5 Developments on the Boards For Buzzard Point | IKEA Opening Small Format, Delivery-Only Location in Pentagon City
DC Will Unveil "Opportunity Zones" in Late April

While much was made of the implications of recent tax reform on the real estate world, one little-noticed program created by the law is Opportunity Zones (OZs) — of which the District will soon nominate 25.
DC is one of several localities that can select up to 25 percent of the city's qualifying low-income census tracts as "Opportunity Zones", or areas with associated tax incentives to encourage development and job creation. In February, Mayor Bowser's office solicited feedback on where the zones should be located, and due to overwhelming response, the city requested a 30-day extension from yesterday's deadline.
story continues below
loading...story continues above
The city has already identified 18 possible zones (Walter Reed is rumored to be one), and the remaining seven will fall into three categories:
- East of the River, where the amount of housing and open park space greatly out-proportions the amount of commercial space
- Retail corridors, which encompass census tracts with an abundance of mixed-use and commercial strips (e.g. Brightwood, Brentwood, Fairfax Village, Twining, LeDroit Park and Naylor Gardens)
- Creative industry and manufacturing zones, which have a higher share of commercial space and the majority of the city's industrial land, a mixed-use "Main Street" and multi-use neighborhood centers (e.g. Trinidad, Ivy City and Eckington).
Once Zones are approved by the Treasury Department, entities will be able to incorporate Opportunity Funds, which are investment vehicles that enable capital gain deferrals on sales or exchanges of property between Fund investors. Ninety percent of assets in a Fund must be OZ properties (whether tangible property, stock or partnership interest).
DC is expected to announce the Zones in late April.
See other articles related to: opportunity zones, tax reform
This article originally published at https://dc.urbanturf.com/articles/blog/dc-soon-to-unveil-opportunity-zones/13737.
Most Popular... This Week • Last 30 Days • Ever

The 650,000 square-foot project, designed by Adjaye Associates and Hickok Cole, will ... read »

The largest development on the boards for the H Street Corridor is planned for a fami... read »

It is early in the year, but there are already a number of areas around DC where home... read »

This week's Best New Listings includes a condo with a former life as a hotel entrance... read »

Today, UrbanTurf is taking a look at the tax benefits associated with buying a home t... read »
- A First Look at the Five-Building Centerpiece of the St. Elizabeth's Redevelopment
- 200-Unit Apartment Project Planned For Autozone Site Along the H Street Corridor
- DC's 14 Million-Dollar Neighborhoods in 2023
- Best New Listings: A Hotel Entrance Turned Condo
- A Look At The Tax Benefits of Buying a Home Through a Trust
DC Real Estate Guides
Short guides to navigating the DC-area real estate market
We've collected all our helpful guides for buying, selling and renting in and around Washington, DC in one place. Visit guides.urbanturf.com or start browsing below!
First-Timer Primers
Intro guides for first-time home buyers
Unique Spaces
Awesome and unusual real estate from across the DC Metro