Since they were first established as a pilot program in 2017, OZs have encouraged investors to invest in new housing and other real estate projects across the country, including in Ohio.
PRO Neighborhoods Grant awarded to Cleveland Development Advisors for neighborhood development
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.
Update on Opportunity Zones – US Treasury releases second round of proposed guidelines & State of Ohio promotes Opportunity Zones through showcase portal
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.
2019 Operating Budget Process Kicks-Off with Governor’s Recommendation
Opportunity Zones FAQ
An Update on Opportunity Zones - U.S. Treasury Releases Guidance on 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.
