What kinds of projects are likely to be able to succeed in using Opportunity Zone tax benefits? Attend this session to hear about projects that can meet the IRS requirements for achieving these benefits, learn how to look for Opportunity Zone projects that are “shovel ready” and that are likely to appreciate over the next 10 years, and find out how to bring the investment into the project or business even if a considerable amount of equity investment may already have been made.

OPPORTUNITY ZONES RESOURCES

• New Jersey Department of Community Affairs’ Opportunity Zone map;
• Summary: Qualified Opportunity Zones, by Lillian Plata, Esq., of Nee Plata Law LLC and Christopher H. Hopkins, Esq. of Wilentz, Goldman & Spitzer, P.A.;.
• Summary: The Investing in Opportunity Act, by Brent Carney, Esq., of Maraziti Falcon LLP;
• Article: Finding Good Real Estate Investments in Opportunity Zones, by Anne S. Babineau, Esq. and Christopher H. Hopkins, Esq. of Wilentz, Goldman & Spitzer, P.A.;
• Opportunity Zone Statute: 26 USC Subtitle A, CHAPTER 1, Subchapter Z: Opportunity Zones – 1400Z–1 and 1400Z–2;
• IRS Frequently Asked Questions;
• Smart Growth America’s LOCUS Opportunity Zone navigator and accompanying report ranking Opportunity Zones nationally on key smart-growth characteristics (New Jersey’s OZs fare well);
• Enterprise Partners’ website section on Opportunity Zones, which includes an interactive map with the ability to analyze the census characteristics of a tract as a way of suggesting what soft investments might be most effective in conjunction with OZ Fund investments. They have also done a couple of webinars highlighting that method of analysis (see State and Local Policies To Prevent Displacement, toward the bottom of the page);
• Bruce Katz (2018 Forum keynote speaker) has developed a practice helping cities produce investment prospectuses, something that all municipalities with OZs can do;

Session summary

Media coverage of the session:

• 03/12/2019: Developers need to take special care with quirky Opportunity Zone rules (GlobeSt.; registration required)
• 03/11/2019: Race is on to win federal Opportunity Zone tax credits (NJ Spotlight)

This session has been approved for 1.5 AICP Planning Law credits and 1.8 CLE credits.

Legal, Technical and Financial track sponsor: Wilentz, Goldman & Spitzer, P.A.