Philadelphia Opportunity Zones: Difference between revisions

Revision as of 17:28, 22 November 2022

The federal Opportunity Zone program, passed as part of the Tax Cuts and Jobs Act of 2017, empowered cities and states to nominate historically underserved census tracts as targets for investment. Investors in those tracts can claim significant potential savings on taxes from asset sales.

Philadelphia has experienced 11 straight years of population growth. At the same time, Philadelphia's cost of living remains significantly lower than its peer northeast cities. Philadelphia offers an ideal opportunity for additional growth and value creation that investors are seeking. The city has proven to be a prime incubator for culture, entrepreneurism, innovation, civic engagement, and diversity. More than 45 million people live within 200 miles, putting Philadelphia at the core of the country's most densely populated region.

Development has expanded beyond Center City Philadelphia into the Opportunity Zone communities of North Broad and West Philadelphia, with 43 major development projects happening right now. While this development is important to growing Philadelphia, we are working hard to ensure that all residents have access to quality housing. According to the City's Housing Action Plan, we have produced or preserved over 16,000 housing units with 73% impacting low income and affordable housing.

Note: The above information came from About page.

In The News

Experts: Biden Should Continue HUD's Opportunity Zones--Created 500K Jobs, Decreased Poverty, Breitbart, January 14, 2021.
Sen. Tim Scott: Opportunity Zones are really working, Washington Examiner, October 18, 2019.
California's Gavin Newsom praises Trump's Opportunity Zones, March 19, 2019.
Too Big to Function?, Philadelphia Citizen, September 9, 2019.
Philly developers start cashing in on Trump tax break, as 'opportunity zone'-funded projects advance, Philadelphia Inquirer, April 5, 2019.
Will Trump's 'Opportunity Zone' tax break help residents along North Broad — or push them out?, Philadelphia Inquirer, December 14, 2018.

Info

Description: Federal Opportunity Zone Program (at Pennsylvania Housing Finance Agency)
List of Zones: Final Federal Opportunity Zones Spreadsheet (in Pennsylvania, by county, PDF)
Local Information: Federal Opportunity Zones: Spurring Economic Growth in Philadelphia (at Philadelphia Delivers)
Tract ID Numbers: Census Tracts (at Open Data Philly)

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-{{toplink|url=http://www.philaopportunityzones.org/|name=philaopportunityzones.org}}The City of Philadelphia seeks to work with its partners, local businesses, community members, and '''Opportunity Zone''' investors to drive inclusive, equitable growth in our neighborhoods.
+{{toplink|url=http://www.philaopportunityzones.org/|name=philaopportunityzones.org}}The federal Opportunity Zone program, passed as part of the Tax Cuts and Jobs Act of 2017, empowered cities and states to nominate historically underserved census tracts as targets for investment. Investors in those tracts can claim significant potential savings on taxes from asset sales.
-The Tax Cuts and Jobs Act of 2017 created '''a new tax incentive to stimulate investment in low income communities'''. The program encourages investors to re-invest previously unrealized capital gains into Opportunity Funds in exchange for a temporary tax deferral, partial tax reduction on the initial capital gain, and elimination of capital gain tax on the new investment. Opportunity Funds are investment vehicles that bring capital to low-income community Opportunity Zones, which were designated by governors in each state. Philadelphia’s Opportunity Zones represent 82 of the 8,700 designated census tracts throughout the country.
+Philadelphia has experienced 11 straight years of population growth. At the same time, Philadelphia's cost of living remains significantly lower than its peer northeast cities. Philadelphia offers an ideal opportunity for additional growth and value creation that investors are seeking. The city has proven to be a prime incubator for culture, entrepreneurism, innovation, civic engagement, and diversity. More than 45 million people live within 200 miles, putting Philadelphia at the core of the country's most densely populated region.
-''Note:''&nbsp;&nbsp;The above information came from [http://www.philadelphiadelivers.com/opportunity-zones Philadelphia Delivers].
+Development has expanded beyond Center City Philadelphia into the Opportunity Zone communities of North Broad and West Philadelphia, with 43 major development projects happening right now. While this development is important to growing Philadelphia, we are working hard to ensure that all residents have access to quality housing. According to the City's Housing Action Plan, we have produced or preserved over 16,000 housing units with 73% impacting low income and affordable housing.
+''Note:''&nbsp;&nbsp;The above information came from [http://www.philaopportunityzones.org/pages/about About] page.
 ==In The News==