Birmingham Initiative Seeks to Provide New Opportunities for Real Estate Investors In Opportunity Zones
The Tax Cuts and Jobs Act, signed into law by President Trump in December 2017, created Opportunity Zones to spur investment in distressed communities and in rural low income and urban areas throughout the country. New investments in Opportunity Zones can receive preferential tax treatment. The opportunity zones are delineated by local government officials and approved by the Treasury Department.
Pursuant to the Act, 24 opportunity zones were nominated in the Birmingham area by Governor Kay Ivey and certified by the Department of Treasury in 2018. These 24 opportunity zones cover 77 of Birmingham’s 99 neighborhoods. According to a recent article in the Birmingham Times, Birmingham Mayor Randall Woodfin recently announced the creation of the BIG Partnership, a new initiative that seeks to further advance and incentivize investment in the communities within Birmingham’s opportunity zones. The recent article on the announcement can be found here.
Among the many projects to be provided by the new initiative will be an educational campaign that will educate local residents on the opportunity zones.
To learn more about Birmingham’s opportunity zones and how we can help you get started in real estate investment, contact us today.