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Officials from LISC Jacksonville, JAX USA Partnership, the City of Jacksonville and other entities recently hosted a seminar about investing in Jacksonville’s Opportunity Zones. Kevin Boes, president and CEO of the New Markets Support Company and Matt Josephs, senior vice president for policy of Local Initiatives Support Corporation presented the latest information on how private individuals and businesses can take advantage of such investments.
Established by the 2017 Tax Act, Opportunity Zones are comprised of selected, low-income census tracts designated by governors and certified by the U.S. Treasury. These geographies are also eligible for New Markets Tax Credits and frequently other incentive programs.
Opportunity Zones provide tax incentives to connect private investment capital with low-income communities. The strategy provides preferential tax treatment for those who invest unrealized capital gains in Opportunity Funds. The Opportunity Funds then invest the capital in Opportunity Zone businesses and real estate.
The Opportunity Zone presentation followed a morning presentation of the Jessie Ball duPont Fund’s Block by Block Analysis of Housing in Duval County. This study will help inform decision makers of variations in health, stability and development opportunities in Jacksonville neighborhoods.Seminar presentations at the Jessie Ball duPont Center begin at 9 a.m. on Oct. 23.
Click here to view the PowerPoint from the LISC Jacksonville Opportunity Zone Forum.
Click Here to access additional resources on Opportunity Zones.