When Opportunity Knocks: Cities Eager To Take Advantage Of Opportunity Zones
Release Date: 2018-07-25
By: Joseph Pimentel
LONG BEACH, CALIF. — In Downtown Long Beach, million-dollar homes, high-end condominiums and luxury apartments line Ocean Boulevard, just a few steps from the beach. The waterfront has high-rise hotels, towering office buildings and chic retail and restaurants. The city also has pockets of abject poverty.
These struggling neighborhoods could benefit from a new federal program designed to bring investment and development into blighted areas — and city officials are eager to take advantage of that opportunity.
LONG BEACH, CALIF. — In Downtown Long Beach, million-dollar homes, high-end condominiums and luxury apartments line Ocean Boulevard, just a few steps from the beach. The waterfront has high-rise hotels, towering office buildings and chic retail and restaurants. The city also has pockets of abject poverty.
These struggling neighborhoods could benefit from a new federal program designed to bring investment and development into blighted areas — and city officials are eager to take advantage of that opportunity.
Long Beach Deputy Director of Economic Development Sergio Ramirez said opportunity zones, passed in December as part of the Tax Cut and Jobs Act, could provide a much-needed jolt to revitalize the city's ailing neighborhoods. The opportunity zone program encourages investors to place long-term investments in low-income communities in exchange for a tax break.
Read more at Bisnow.com
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