Restoring Prosperity
The Greater Ohio Policy Center Blog
Last week, Cleveland Development Advisors (CDA), an affiliate of the Greater Cleveland Partnership, announced they were the recipients of a $5 million grant from JPMorgan Chase to support development in the Cleveland neighborhoods of Clark-Fulton, Glenville, Buckeye-Kinsman, and their immediately surrounding areas. CDA has contributed a further $3.75 million to the project, taking the total commitment for the project to nearly $9 million.
Last month, the Treasury Department issued its second round of proposed Opportunity Zones guidelines. These guidelines follow an initial round issued by the Treasury Department in October 2018. Both sets of guidelines aim to answer questions raised regarding investments in Qualified Opportunity Zones through Qualified Opportunity Funds.
Treasury has released its first publication for guidance regarding Opportunity Zones, which includes proposed regulations, revenue rulings, and a draft tax form specific to the certification of Opportunity Funds. These proposed regulations are the first set of guidelines since the introduction of the tax bill late last year.
